AUSTRALIAN EXCHANGE
CRITICISM OF REDUCTION. (United Press Assn.—By Telegraph—Copyright.) Sydney, December 16. Mr Davidson, general manager of the Bank of New South Wales, criticizes the action of the Commonwealth Bank in reducing the rate of exchange on London from 130 to 125 per cent. He said the rate should be free and natural under normal conditions, but at present the high rate only meant shielding the community from the effects of falling world prices. The Prime Minister, Mr J. H. Scullin, denies rumours that if the Government is returned it will seek a further reduction in the exchange rate. He said the cost of remitting Government funds at the present rate was outweighed by the gain to industry in Australia, particularly to the primary producers.
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Southland Times, Issue 21579, 17 December 1931, Page 7
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125AUSTRALIAN EXCHANGE Southland Times, Issue 21579, 17 December 1931, Page 7
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