BANKS AND EXCHANGE.

New Zealand Herald, Volume LXVIII, Issue 20977, 14 September 1931, Page 8

BANKS AND EXCHANGE.

OFFICIAL STATEMENT. NO CHANGE CONTEMPLATED. OVERSEAS AGENCY'S POSITION. HIGH RATES FOR SPECIAL CASES. [BY TELEGRAPH. —OWN CORRESPONDENT.] WELLINGTON. Sunday. A flat denial that the banks contemplated making changes in the rates for exchange on London and on Australia was given yesterday by the chairman of the associated banks, Mr. W. A. Kiely. "We know nothing about the movement referred to in the messago from Christchurch or (ho likelihood of any change, said Mr. Kiely. Interviewed again this evening, Mr. Kiely reiterated his statement that no cbango was contemplated by the banks. He said the question had not been discussed by the banks and it was quite unlikely that any change in the rate would be made by them in the near future. He would not have any statement to make to-morrow regarding the matter. The Wellington manager of the "leading international agency," in referring to the message from Christchurch, said. "The statement from Christchurch was very unfortunately worded. Any rates quoted by us have particular application to quite small amounts, especially in regard to London exchange. The message was probably based on faulty premises. It is ridiculous for anyone to say that a purely precautionary action on the part of a small outside operator constitutes a definito alteration in exchange rates. "No statement was made to the press in Christchurch or to anyone else by a representative of this agency regarding any so-called alteration in exchange rates. All that was done was to quote certain precautionary rates to individual clients. I can say quite definitely that as far as we are concerned we have merely taken precautionary measures in respect of entirely small amounts."