EXCHANGE AGAIN RAISED

Taranaki Daily News, 14 January 1931, Page 7

EXCHANGE AGAIN RAISED

SHARP RISE ANNOUNCED. COMMONWEALTH CONCERNED VTTAT/ BANKING MEETING SPLIT IN BANKS* RANKS By Telegraph—Press Assn. —Copyright. Rec. 8125 p.m. Sydney, Jan. 13. Rates for exchange on London quoted by the Sydney banks sharply advanced to-day to £llB 7s fid. The latest dramatic move, following the big rise last Monday, means an increase of £9 7s 6d per cent, within eight days. The instability of exchange rate since the Bank of New South Wales broke away from the Associated Banks and raised the rate is causing the Commonwealth some concern, and a vital meet* ing of banking representatives is to be held at Melbourne this week to review the whole position. It is reported that even at the higher rate of last week much money was going past the banks to dealers willing to pay as high as £l2O for credits izt London. The exchange surcharge on cargo pre* paid in Australia will increase tomorrow from .£l5 to £lB per cent,

NEW ZEALAND AFFECTED. TELEGRAPHIC TRANSFERS RAISED Rec. 10.15 p.m. Sydney, Jan. 18. The rates of exchange for telegraphic transfers between Sydney and New Zealand were increased to-day by 55s to £ll2 5s per cent, buyingand £ll2 Iss selling.