COMMONWEALTH BANK
EXCHANGE ON LONDON THE RATE UNALTERED. SIDNEY, January 8(Received Jan. 8, at 11 p.m.) The Commonwealth Bank reports an unaltered rate of exchange on London on the basis of buying telegraphic transfers £125 in Australia for £IOO in London. For the first time in the history _of the Commonwealth a forward buying market of exchange on London has now been established by the Commonwealth Bank. This will operate till further notice on the basis of current rates for 14 days and five shillings per cent. less than current rates for 15 to 28 days. The current rates will be announced as usual each Friday. The object of providing the forward exchange is to meet the convenience of buyers of Australian export produce, principally wool buyers and wheat buyers.
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Otago Daily Times, Issue 21538, 9 January 1932, Page 9
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130COMMONWEALTH BANK Otago Daily Times, Issue 21538, 9 January 1932, Page 9
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