BANK NOTES EXCHANGED

New Zealand Herald, Volume LXXII, Issue 22005, 11 January 1935, Page 5

BANK NOTES EXCHANGED

LARGE PARCELS APPEAR

" BLESSING *IN DISGUISE '

Several largo parcels of trading bank notes were exchanged for the Reserve Bank issue at city banks yesterday, which was the last day on which the old notes were legal tender. There was hardly a rush to niako the exchange, as in some banks the transactions were not above normal. However, in one office at least, tellers had a busy time, with customers wanting new money for old. Parcels of 300 and 400 £1 notes and in ono instance of 700 £1 notes were exchanged. This suggests that the money had previously been hoarded. In some cases notes which had obviously been out of circulation for some time appeared. Bank tellers do not make a practice of inquiring into customers' motives, but it is assumed that many people thought the notes would bo worthless after yesterday. However, 0110 old man volunteered the information that he knew the notes could still be redeemed for some years, but was just "making sure."

Apparently, the impression gained by some people that the notes would be worthless was a blessing in disguise. As one bank official stated, it had served to unearth more quickly some of the hoarded notes, thus speeding up tlio change-over in the national issue. PALMERSTON NORTH BUSINESS BUSY TIME FOR BANKS [BY TELEGRAPH—OWN CORRESPONDENT] PALMERSTON NOISTH, Thursday Owing to the trading bank notes ceasing to be legal tender after to-day a large number have been exchanged in Palmerston North lately for Reserve Bank notes. One bank in Palmerston North has been receiving for cancellation purposes about £IOOO worth of notes a week, mainly of small denominations. Yesterday a bundle of notes of a face value 'of £220 was deposited. Fearing that when the old notes ceased to be legal tender they would be practically useless, an elderly customer rushed to a bank with a few notes, but was reassured regarding their redemption. Since the old notes first began to be called in, one bank lias redeemed at least £IOO,OOO worth. A local bank has withdrawn from circulation about £15,000 in English silver coinage since the Dominion's own silver coinage was put into circulation.

WOOL VALUES FIRM

GOOD SYDNEY MARKET

KEEN GENERAL COMPETITION

(Received January 10. 9.15 p.m.) SYDNEY. Jan. 10

At the Sydney wool sales to-day 11,473 bales were offered and 11,029 were sold. Also 379 bales were sold privately. There was keen general competition, with Yorkshire and Japanese buyers particularly active, and strong support from France and Germany. The recently reported improvement in* values was fully maintained. Greasy Merino sold to 17d.

FOREIGN EXCHANGES

STERLING RATHER STRONGER

(Received January 10. 6.45 p.m.) British Wireless RUGBY, Jan. 9

The following rates on foreign exchanges are current, compared with the cabled quotations on January 8 and par: Jan. 9 Jan. 8 Par Montreal, dol. .. 4.89% 4.89/4 4.BGG New York, dol. , 4.91/,« 4.90% e 4.806 Paris, fr. .. 74% 74% 124.21 Brussels, belga . 20.97 20.92 35.00 Geneva, fr. .. 15.15 15.1' i '25.22 Amsterdam, fl. . 7.25? i 7.24% 12.10 Milan, lire .. 57 1 % a 57% 3 92.4G Berlin, r.m. . . 12.23 12.20 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo, kr. . . 19.90 19.90 18.159 Vienna, sch. . . 20 20 34.585 Prague, kr. . . 117% 117'% 0 1(14.25 Helsingfors, mark 22G% 220% 129.23 Madrid, pes. . . 35*% a 35 l % 2 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. .. 513' 512* 375.00 Bucharest, lei. . . 487% 485 813.G Rio de Janeiro, mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 3G%d* 36% d* 47.G19d Montevideo, dol, 39% d* 40d* 51d Bombay, rupee . 18% r .d ISV'Ud 18d Shanghai, dol. .. JG%d K%d Hongkong, dol. . 21d 21 d Yokohama, yen . 14d lid 24.58 d Batavia, fl. .. 7.21'% 7.21% 12.10 Belgrade, din. . . 21G 215 27G.31 'Sellers. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under: Buying Selling United States . . 4.97 4.H7 Canada . . . . 4.94 4.84 Following are the latest rates fo,r purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice:— T.T. On Demand To £1 N.Z. Currency Selling Buying Selling France, fr. .. 59.08 G0.68 59.13 Noumea, fr. . . 58.33 01.73 58.38 Papeete; fr. .. 58.33 01.73 58.38 Belgium, belga 10.527 17.327 10.512 Germany, r.m. . . 9.G18 Italy,. lire .. .. 45.47

Switzerland, fr. .. 11.989 12.-4 04 11.999 Holland, fl. .. 5.71S 0.018 5.722 rava, fl 5.090 5.9(55 5.G94 N'.Z. pence to Japan, yen .. 17% Shanghai. tlol. .. 21 n/ lr , 20'., India, rupee .. 22 2, / rj 22V U , V.2 "•:« Ceylon, rupee .. 22% 22',„ 22 %, Hongkong, dol. .. 26 a, / 3 a ".4a 2(j Singapore, dol. . . 35% '34/, 0 t0 The cost in New Zealand currency of the pound sterling, and of the principal foreign units, on the latest quotations, is as follows: —

Present Price Par s d fid Australia, pound .. 10 10.81 20 0.00 London, pound .. 24 10.50 20 0.00 New York, dollar .. 5 1.28 4 1.31 Montreal, dollar 5 1.07 4 1.31 Paris, franc .. .. 0 4.00 0 1.98 Berlin, reichmark .. 2 0.41 0 11.74 Copenhagen, krone. . . 1 1.33 1 1.22 Yokohama, yen . . 1 5.41 2 0.58 CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of the vessels named are shown in the following table. They arc subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessel in New Zealand, finally declared rates being marked*: — Canadian Britisher, Canada, dol. .. ' i-p. Benholm, America, dollars . . .. 4.9 L,, Aorangi. Canada, dollars . . . . 4.89/ Waikawa, America, dollars . .. 4.9 d/„, Golden Cloud. America, dollars . . 4 Brisbane Maru, Japan, yen . . I4d GOLD AND SILVER QUOTATIONS IN LONDON LONDON. Jan. 9 Fine gold is quoted to-day at £7 Is lid an oz., compared with £7 2s yesterdav. The quotation for silver at per fine oz. is 26Jd, compared with 26id' yesterday.