THE EXCHANGE
AUSTRALIAN SOLUTION. FINANCING THE EXPORTS. (Special to the Times). WELLINGTON, November 4. All the Australian banks, including the Commonwealth Bank, have agreed upon a scheme in the nature of a pool for exchange. It is anticipated that there will be no difficulty now in financing exports of wool, wheat and other products this season. Under the scheme, bills on London will be negotiated as usual. The London money so obtained by the buyers of bills will be taken by the banks in a proportion agreed upon, and adjustments of cash rendered necessary in Australia will be made, much on the principle of the daily clearing house. The chairman of the Associated Banks of New Zealand, seen yesterday regarding this message, said it would not affect exchange conditions in New Zealand, which had undergone no material change.
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Bibliographic details
Southland Times, Issue 19393, 6 November 1924, Page 2
Word Count
138THE EXCHANGE Southland Times, Issue 19393, 6 November 1924, Page 2
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