DEALINGS RESTRICTED

Taranaki Daily News, 1 February 1933, Page 7

DEALINGS RESTRICTED

MONEY FROM AUSTRALIA DOMINION RATE IRREGULAR RUSH TO TRANSFER FUNDS BANKS FORCED TO CURTAIL f By Telegraph—Press Assn.—Copyright. Sydney, Jan. 31. Owing to the unprecedented demand for transfers of money from Australia, the banks have restricted their dealings in New Zealand exchange. A telegrahpic transfer for £lOO New Zealand money could be bought in Sydney on Saturday for £lOO 10s, but yesterday the selling rate was quoted as irregular, although no alteration was made in the buying rate. The same conditions applied to the Fiji exchange. - . • Bankers estimate that several millions have been held in Australia by New Zealand interests awaiting a favourable alteration of the exchange rate. Now that Australian and New Zealand currencies- are virtually at par there has been a rush to transfer funds, because of which banks have been forced to curtail dealings in transfers to New Zealand. Bankers here point out that an announcement that the New Zealand Government would buy all money offered by people wishing to repatriate funds would relieve the position considerably, and this would mean in effect that people would pay such money into the New Zealand Government accounts in Sydney or London, and.the Government would attend to the corresponding payments in New Zealand.