THE EXCHANGE RATE
early revision unlikely BANK PRACTICE CHANGED LONDON, July 31. (Deceived July 31, at S p.m.) The Evening Standard says: “Until recently Australian and New Zealand banks in London were lenders of substantial sums at low rates. To-day, instead of following this practice they are bidders for sterling deposits at rates uptol per cent. This is attributable much less to the contraction of the surplus-of their sterling balances here than to increasing opportunities of using money profitably in Australia and New Zealand. As there is little likelihood of early revision of the exchange rate they are willing to take deposits offered cheaply on the money market and transfer them to use in their own country.”
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Otago Daily Times, Issue 22329, 1 August 1934, Page 7
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117THE EXCHANGE RATE Otago Daily Times, Issue 22329, 1 August 1934, Page 7
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