REMITTING OF SMALL SUMS

Southland Times, Issue 23228, 17 June 1937, Page 12

REMITTING OF SMALL SUMS

YEARLY TOTAL FIVE MILLIONS OVERSEAS PAYMENTS AND RECEIPTS Five million pounds is the total turnover the Post Office money orders and postal notes during the past year. Their principal use was for the transmission of money within the Dominion, the postal note being particularly popular. No fewer than 3,833,288 postal notes were sold, representing a value of £1,378,387. The money-order business, totalling just over £3,500,000, was represented by 633,846 orders. New Zealand’s monetary relations with other countries as gauged by the receipt and transmission of Post Office money orders shows how overwhelming is the proportion ot the business within the British Commonwealth. An interesting sidelight also is that New Zealanders transmit overseas by this means far more than they receive, as the following table shows:— Issued Received to from £ £ United Kingdom 79,747 45,043 Australia and other British Possessions 151,708 72,338

Total £231,455 £117,381 Foreign Countries £10,561 £9,7fio Countries' exchanging money orders direct with New Zealand are the United Kingdom, the United States of America, Australia, Canada, Ceylon, Fiji, Hong Kong, India, the Irish Free State, Norway and South Africa. Where there are no direct exchange relations the orders are transmitted to the nearest country directly exchanging with New Zealand which also has exchange relations with the country to which the order is directed.

The problem of variable monetary values has to be taken into account in this overseas business. Exchange on money orders has to be paid on orders issued in most countries where the rate is adverse to New Zealand and similar exchange is allowed on such orders paid in New Zealand. The balance due to the creditor country is remitted at the rate of exchange ruling at the date of settlement and in the currency of the country with which settlement is effected.