EXCHANGE RATES
AUSTRALIA AND LONDON. A REDUCTION ANNOUNCED. SIR ROBERT GIBSON’S STATEMENT. (United Press Association —By Electric Telegraph—Copyright). Received December 3, 9.10 a.m. MELBOURNE, Dec. 3. Sir Robert Gibson, governor of the Commonwealth Bank, announced last evening that the question of exchange between Australia and London had been a matter of grave consideration for some weeks. The position was complicated by the decision of Great Britain to depart from tho gold standard, and the continuous steady depreciation of the sterling. It had now been decided to lower the exchange as follows: Buying £125, selling £125 10s. The figures hitherto were £l3O and £l3O 10s. RECEPTION IN LONDON. FINANCIAL CIRCLES PLEASED. EVIDENCE OF IMPROVED CONDITIONS. Received December 3, 11.50 a.m. LONDON, Dec. 2. Although the newspapers published the announcement of the reduction in the Australian exchange, the banks have not notified it officially. Financial circles are pleased with the reduction, which they regard as tangible evidence of the improved conditions in Australia.
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Bibliographic details
Manawatu Standard, Volume LII, Issue 3, 3 December 1931, Page 7
Word Count
161EXCHANGE RATES Manawatu Standard, Volume LII, Issue 3, 3 December 1931, Page 7
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