Had The Dollars But Lost Money
Complete faith in earlier highplaced assurances that there would be no devaluation of sterling cost a New Zealand trading organisation a few thousand pounds. Business with the United. States over a period had built up for it a credit of some 150,000 dollars, and as funds were needed in New Zealand it was decided to cable for the money to be remitted here, on the assumption that repeated denials' about Britain’s intention to devalue were official and irrevocable. Three days before September 19 the money arrived safely in New Zealand, converted at the old rate of 4.03 dollars to the £NZ —approximately £37,500. On September 19 the new rate of 2.80 dollars to the £NZ became operative. Had the dollars been held in the United States until after that date, they would have been worth about £53,000 in New Zealand—a difference of some £16,000. Bad luck.
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https://paperspast.natlib.govt.nz/newspapers/BPB19491007.2.8
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Bay of Plenty Beacon, Volume 14, Issue 48, 7 October 1949, Page 3
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152Had The Dollars But Lost Money Bay of Plenty Beacon, Volume 14, Issue 48, 7 October 1949, Page 3
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