AVOIDING THE EXCHANGE
ENGLISH FIRMS' ACTION DOMINION BANK ACCOUNTS [BT TELEGRAPH —PRESS ASSOCIATION] CHRISTCHURCH, Tuesday Further evidence of the effort on thd part of overseas financial and exporting firms to avoid the operation of the exchange rate is now available. Advice has been received in New Zealand from a prominent firm of Eng« lish soft goods manufacturers that ift is prepared to land its merchandise in New Zealand for the payment of only 10 per cent premium on the sterling price. Under this transaction, tha money would be banked in the Do* minion and allowed to remain here, pos« siblv pending a reduction, in the rate of exchange. Another London firm of bookseller* has added the following notice to its catalogue:—" For the convenience of clients, we have opened an account with a bank at Wellington.. Purchases from this catalogue may be paid for in New Zealand currency direct to that bank.'* In this case no premium is asked. It is stated that already some im» porters have taken advantage of tha offer made in the soft goods trade.
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New Zealand Herald, Volume LXX, Issue 21577, 23 August 1933, Page 8
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179AVOIDING THE EXCHANGE New Zealand Herald, Volume LXX, Issue 21577, 23 August 1933, Page 8
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