RATES OF EXCHANGE IN LONDON.

Oamaru Mail, Volume XLI, Issue 12799, 17 March 1916, Page 4

RATES OF EXCHANGE IN LONDON.

— , AN ALL-ROUND RISE. THE CAUSE EXPLAINED. . Pek Press Association. Wellington, March IG. On and after .to-day... the tollowuu hank rates of exchange oil London ecu, into operation: —New: Zealand buyim: discount: —Per cent.—l2s 6d on (!•'- ji land', 20s on 30 days, 27s 6d on fi'i days, 37s 6dl on. 90 days, arid, ,47s 6d m 120 days. Selling premium: Per oein —2os on diemand, 12s 6d on 30 days. oji 60s days, par on 90 days. Telegraphic transfers, 30s. There is a rise of p-s per cent. :ili round, on selling rates and telegraphic transfers over the rates ruling yesterday.. Bankers explain the rise as due in part to ' tile Jialance of trad'' against Australia. Although New Ze»liyul has * decided balance in its favoi. yet it is hound' to some extent to tsill into line with Australia. The rise ia the London selling rate is also said t'> be due to the refusal of the Comnuntwe,alth Government (through tli" •Treasurer, Mr Higgs). to remove tie embargo on the export of gold troi» Australia, which would to some extern hnve restored the trade equilibrium between the Mother Country and 1 An—- ' tralia. It is understood that the recent rise iii the London selling rateto Australia, .and this advance in London selling rates to New Zealand' are the outcome to some exeiit of an adverse balance of Australian trade, combined with the refusal •>llow gold to be exported to America Tin coin) and In'dia (in bars) as iormer-