TRANSFER OF FUNDS

Hawera Star, Volume LII, 31 January 1933, Page 7

TRANSFER OF FUNDS

AUSTRALIA TO NEW ZEALAND UNPRECEDENTED DEMAND SEQUEL TO EXCHANGE RISE BANKS RESTRICT DEALINGS (United Press Association —By Electric Telegraph Copyright.) Received 12.40 p.m. to-day. SYDNEY, Jan. 31. Owing to the unprecedented demand for transfers of money from Australia the banks have restricted their dealings in New Zealand exchange. Telegraphic transfers for £IOO on New Zealand could be bought at Sydney on. Saturday foe £ 100 ~ 10s. Yesterday the -selling rate was quoted as irregular, though no- alteration;’was- made in the buying rate. The same conditions applied to Fiji exchange. Bankers estimate that -several, millions- have been held in by New Zealand interests awaiting a favourable alteration of the exchange rate and now that Australian and New Zealand currencies are virtually on a par there has been a rush to transfer funds. Therefore the bank*, are forced to curtail dealings in transfers- to New Zealand. Bankers here point out that an f Jinn u nee meat that the New Zealand Government would -buy up all the money offered by people wishing to- repatriate funds would relieve the position considerably.' This would moan in effect that the people would pay such money into the New Zealand Government accounts at Sydney and London and the Government would attend to corresponding payments in New Zealand.