CHEAPER FUNDI
UNDERSELLING EXCHANGE bigger government burden OFFERS AT CHRISTCHURCH SAVING OF 25S PER CLNT .. >• IMPORT SEASON ATTEMPT By Telegraph—Press Association. Christchurch, Last Night There are indications that an attempt will be made during the current Import season to undersell the banks in exchange on London, while by the agreement with the Government the banks are compelled to maintain the rate at 125 per cent. 1 During this week a Christchurch importing house has received three offers of London funds at lower rates. The first offer came from the representative cr an English house’which was prepared to sell practically unlimited London fund 3 at £123 15s per cent, on telegraphic transfer Two other offers Were from loccl brokers who offered London funds in £5OOO lots at rates varying from £123 15s to £124 ss. Similar offers have been, made to other importers. The effect of this business, if It becomes general/ will be to increase the surplus of London funds for which the Government is responsible to the Associated Banks. The expectation was that the full requirements of importers would be drawn from these funds, and in proportion as importers are financed outside them the Government’s burden will become heavier.
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Bibliographic details
Taranaki Daily News, 18 August 1933, Page 6
Word Count
200CHEAPER FUNDI Taranaki Daily News, 18 August 1933, Page 6
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