MONEY FROM BRITAIN

Taranaki Daily News, 23 July 1931, Page 7

MONEY FROM BRITAIN

PAYMENT OF EXCHANGE.

POST OFFICE SYSTEM.

An Aucklander who had occasion to cash a British postal note in Auckland has written to the Postmaster-General to complain that he has not received the benefit of the exchange differences between New Zealand and Great Britain. “I wars to-day informed that no more than 20s would be paid for a British postal order for £l,” lie wrote. “At the same time I was also informed that I should have to pay 2s extra, on account of adverse exchange, for a postal order for £l, to be paid in Britain.

“I .submit that this is unjust to the public of this Doqiinion as well as of Britain. Common honesty demands that if the Government recognises the adverse exchange in transmitting money to Britain by post office order it shall d likewise in the receiving of moneyfrom Britain through the same channel. The inequity of the existing procedure is so palpable that I trust 1 shall hear from you without delay and to the effect that this existing wrong has been righted. I might add that iny wife and I have recently cashed British postal orders to the amount of £l4, for which I consider we should have received 28s more than Wo have received.”

Inquiry at the Chief Post Office, states the New Zealand Herald, elicited the information that, by arrangement between the postal authorities of Great Britain and New Zealand, exchange differences have been taken into account in transmitting money orders since June 1. Postal notes are not subject to this condition, however. “It is true that there was a discrepancy, but this has since ben remedied,” stated an official. “If money is handed in to a post office in Qi'eat Britain, Northern Ireland or the Irish Free State for transmission to New Zealand by money order, the advance notification is now sent to the Chief Post Office, London, where the exchange is computed according to the rate ruling at the time. Tlte New Zealand Post and Telegraph Department is notified accordingly, and when tho money order is handed in to be cashed, the New Zealand recipient will receive an additional percentage representing the exciiange. “This does not apply to British postal notes, because these are payable in many countries as well as Great Britain, and it is not considered to be practical to arrange for payment to be made ill accordance with New Zealand currency. Persons expecting money from Great Britain or Ireland would bo well advised, therefore, to acquaint tho senders with the desirability of forwarding money orders rather tlian postal notes.”