BANKS MAY POOL AUSTRALIAN CREDIT.
EMINENT AUTHORITIES DISCUSS , PROPOSAL. (United Press Assn.—By Electric Telegraph—Copyright.) (Received July 10, 9.20 a.m.) MELBOURNE, July 10. Eminent banking authorities are conferring here on the question of whether Australian credit in London can be pooled’with advantage. The official exchange rate for the telegraphic transfer of money to London is still £6 10s per cent. » It is rtnderstood that bankers are discussing a proposal to co-ordinate the availability of exchange on Loridon to meet the future needs of Australia in respect of the interest on oversea debts accruing from time to time. If successful. this will improve the general financial outlook. It was announced that a tentative agreement had been reached by which it was intended that as far as was practicable the Governments of Australia should have first call on Australian credit in London for meeting national obligations. The conference was unanimous that the national credit must be maintained at all costs.
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Star (Christchurch), Issue 19118, 10 July 1930, Page 1
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157BANKS MAY POOL AUSTRALIAN CREDIT. Star (Christchurch), Issue 19118, 10 July 1930, Page 1
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