EXCHANGE RATE
NEW ZEALAND ON LONDON. > NO FURTHER DEVELOPIMBNTS. ! (Per Press Association — Copyright}) ', WELLINGTON, July 6. No further developments have, taken < place in regard to New Zealand’s rate of exchange on London, so far’ as the, :L banks are concerned, but it is under--!, .stood, that quite a moderate business is being now doiie privately, at rates reported to be fromtwelVe to thirteen i per cent. . No action has yet heenp taken byiL, th e Government as Lto ; 'arresting arty .••_ .possible flight of capital from New'TZealand as the result of the removal of• the regulation governing the licensing of export*. ; L. : 4 .
CLEARING, HOUSE SYSTEM
BRITAIN NOT ADOPTING IT.
V:\. RUGBY, July 5. It was stated in the House of Commons that th e Government, after closely observing the various clearing house systems in other countries,- have been confirmed in their view that such. a teystcm: would not,' on the whole, benefit British traders. It, however, considered that a benefit might result from agreement* v |o facilitate the use of “frozen" or '"' blocked< accounts in foreign currencies? purchase of goods for export. Endeavours thereifore, will be made to arrange experimental agreements of this, nature with certain foreign countries. Legislation .will not be required. \V
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Bibliographic details
Hokitika Guardian, 7 July 1932, Page 5
Word Count
204EXCHANGE RATE Hokitika Guardian, 7 July 1932, Page 5
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