RATES OF EXCHANGE.

Star (Christchurch), Issue 10924, 13 November 1913, Page 4

RATES OF EXCHANGE.

REVISION SUGGESTED, IMPROVED CONDITIONS BUT UNALTtft&U ChAHttEd. (By Telegraph—Special to " Star.") WifiiiLlNwlOlV, .November 13. In the course ol his ttpeevii on the UaiiK ox l\<?w /jeaiana inu vu-mghv fan . Joseph waid reierr»xi to tao iugu ratta oi ttACiiange in um> country, auu outroU aomt) auvice to uaanuiu msutuwoms on vlie kuojeoo. " jLue uoudition of thing 3 in this country now are very dmerout to wiiat ou>y woro uwenvy or luure years ago," saia the loader of the upposivion. ;• the irapia means. ot 'u-autai». l &' man can araw a cneque in Aucaianu toaay ana it, will be presented in »> euingxion. to-morrow, y«o tiie rates ol eiare k«po up just tne same as yeaivago. in uiat I'uipect a very great inconvenience is auneieu by tlie people or isew in many oi'ilio oxuer countries iliis exchange ao«s hot. exist, oureiy wixn one up lnpiu ran ana bteamer taeniae, ana tne -shortness ot lost time, me ume nas arrivea wlien the oanKing institutions couid review tne position. " In wis respect all these banking institutions more or less work togetner, out it wouid oe a good tiling u tlie xtank of I\ew Z'eaiaaa were to set. tne way in connection with Some ot these ] minor reforms. The imposition or .a I ciiargS on everybody of tun bhuimgs per 1 head ror the purpose oi Keeping money in tne institution is strongiy retenteu by a laige number ot peupie in this country," (iuenibers: Hear, hear.; TOO HARASSING OVERCHARGE. " I won't say it's costly, but it's harrassing," declared the iion V. Jbuddo, speaiung ot exchange on cheques. Jle 'made reference to the high aividends paid by banks, and suggested that they could Cut into these pronts a little with/ some _ concession in exchange, seeing that it ,is ail a. matter ot balancing and , sending a sixpenny wire at the .end or ! the day. It is the easiest earned profit in banking. "1 consider this charge of 10s, from which the bank has - been reaping a handsqpe profit, is a very serious overcharge," said Sir Walter Buchanan. " When we find the banks making such enormous profits and building up such reserves, I think it is the duty 'oi the State to take 6ome action m connection with the very high and exorbitant charges made by them, 1 ' declared Mr Veiteh. " The charge ot 10s a year for every bank account, for instance, is not only extortionate, but is inequitable. 4 A man who puts through only a few hundreds a year pays the same as the man who puts through thousands. There should be some proportion," he contended. Sir Walter Buchanan: " What about the exchange?" Mr Veit-oh: " Yes, fn that also. The extension of banking business has been enormous, and the handling of money by cheques has increased proportionately. Extortion, I think, is not too strong an /expression to .use, for I am sure the Bank of New - Zealand must collect an enormous amount every year for which it takes very little risk, and renders very small service indeed,"