N.Z.-AUSTRALIAN EXCHANGE

Wanganui Chronicle, Volume LXXXII, Issue 19301, 2 May 1925, Page 5

N.Z.-AUSTRALIAN EXCHANGE

BATE SHOULD BE REDUCED SYDNEY, May 1. The Herald, referring to the high exchange ratjs between aDf l New Zealand, says* If gold is procur able in New Zealand it. will cost a lot less than two per cent, to transfer it Lo Australia. In 3uch a case a. return to a rate, of exchange approaching that between Sydney and Western Australia would be probable. The Herald gives as the reason for the high exchange between the Commonwealth ami the Dominion the fact that goods taken to New Zealand from Australia far exceeded those taken to Australia from New Zealand. “Practically we sent twice as much as we received. ’ ’ The paper adds* “Some adjustment has been made through London, but it is insufficient to correct the exchange.”

BANKERS CONFERRING Received Mav 2, 1.5 a.m. SYDNEY, May 1. Australian bankers are conferring with the object of fixing a now exchange rate owing to the altered conditions caused by the return to the gold standard. They have failed to reach an agreement. It is understood the chief difficulty is to arrive at a margin of buying and selling satisfactory to all parties. It is believed an agreement will shortly be reached.