NO HOLIDAYS ABROAD.
AUSTRALIANS HANDICAPPED. BY HIGH RATE OF EXCHANGE. UNFAVOURABLE TRADE BALANCE. United Press Assn.—Elec. Tel.—-Copyright. (Received March 7, 11.5 a.m.) SYDNEY, March 7. It is now practically Impossible for Australians to take holiday trips abroad. This amazing state of affairs is due to the high rate of London exchange and the decision of the Commonwealth Bank to prohibit cashing of Commonwealth notes overseas. The difficulty has arisen by reason of Australia’s reduced exports of primary products which are realised on In London and provide Australia’s oversea balances. These have become depleted, and the adverse balance has been increased by the heavier imports. Moreover, a substantial incro&so in the official rates is likely in the near future.
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Bibliographic details
Waikato Times, Volume 107, Issue 17963, 7 March 1930, Page 7
Word Count
118NO HOLIDAYS ABROAD. Waikato Times, Volume 107, Issue 17963, 7 March 1930, Page 7
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