HAY UNDERSELL BANKS
FUNDS AT LONDON OFFERS AT CHRISTCHURCH. SAVING TO IMPORTERS. INCREASED EXCHANGE SURPLUS cßy Telegraph Prvsa Association.) CHRISTCHURCH, Aug. 17. There are indications that an attempt will be made during the current import season to undersell the banks in. exchange on London, while by the agreement with the Government the banks are compelled to maintain the rate at 1‘25 per cent. During this week a Christchurch importing house has received three offers of’ London funds at lower rates. The first offer came from the representative of an English house which was prepared to .sen practically unlimited. London funds at £123 15s per cent, on telegraphic transfer. Two other offers were from local brokers who offered London funds in £SOOO .lots at rates varying- from til 23 15s to £124 ss. Similar offers have been made to other importers. The effect of this business, if it becomes general, will be to increase the surplus of London funds for which the Government is responsible to the Associated Banks. The expectation was that the full requirements of importers would be drawn from these fund®, and in proportion as importers are financed outside them the Government’s burden will become heavier.
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https://paperspast.natlib.govt.nz/newspapers/HAWST19330818.2.22
Bibliographic details
Hawera Star, Volume LIII, 18 August 1933, Page 4
Word Count
198HAY UNDERSELL BANKS Hawera Star, Volume LIII, 18 August 1933, Page 4
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