EFFECT ON NEW ZEALAND
AUSTRALIAN POSITION ACTION OF COLOMBO BANKS ELTHAM, This Day. . Australia's present unhealthy position apparently is having a direct effect on New Zealand's financial reputation with overseas firms. A Taranaki firm of merchants handling large tea consignments received a communication from Colombo, that all exchange banks in Colombo have decided to discontinue to discount bills on Australia and New Zealand as long as the prevailing instability lasts. Alternative suggestions are that a remittance should accompany orders or the establishment of sterling credit in London against which" overseas firms can draw. The local merchants have suggested establishing letters of credit with Colombo banks.
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Bibliographic details
Stratford Evening Post, Volume I, Issue 74, 6 March 1931, Page 5
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105EFFECT ON NEW ZEALAND Stratford Evening Post, Volume I, Issue 74, 6 March 1931, Page 5
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