AMERICAN BANK CRASH

Timaru Herald, Volume CXXXVII, Issue 19451, 28 March 1933, Page 8

AMERICAN BANK CRASH

KEEPS TOURISTS AT HOME. EMBARRASSING SHORTNESS OF CASH. By Telegraph—Press Association AUCKLAND, March 27. The compulsory closing of banks in America was reflected in the smallness of the passenger list of the Monterey, which arrived from Los Angeles this morning. There were only 93 passengers, and about half of these joined the vessel after leaving the American port. Inability to obtain money, and the uncertainty of exchange during the period the banks were closed caused many intending American tourists to cancel their reservations; while others who were travelling across America to join the vessel were left practically without money to pay their way. The Tourist Bureau assisted people who were returning to New Zealand by deducting hotel and other accounts from letters of credit, otherwise they were unable to obtain any ready money, and many travelled with a very slender purse.