EXCHANGE RATES

Dominion, Volume 7, Issue 2259, 19 September 1914, Page 6

EXCHANGE RATES

A. PEOTEST AT NEW PLYMOUTH. (By Telegraph.—Presa Association.) New Plymouth, September 18. At the meeting of the Harbour Board to-day, the ohairnian, in mentioningthe amount paid by the board for remitting money to London recently, said that merchants and traders of New Zealand had been advised to order ae much as possible from England, instead of reducing orders, and to pay promptly. He pointed out that the banks were making it hard for this worthy object to be carried out, and wont on to say that on the last remittance the board had made of money to London, the bank had raised the rate of exchange from |th per cent, to 6-Bths, so it was evident that the banks were taking advantage of tho present trouble to put money into tßeir pockets. Mr/ Maxwell contended that while there might be reason for a slight increase in the rate of exchange, there was no justification for the rise of 600 per cent., which he characterised aa extortionate. 'I'he secretary stated that on a previous remittance' the exchange had been £7 15s. 6d., but the last had cost £46 ■■IBs. 9d: ■<■■■■■■ - - ■■. •:•• Mr. Bellringer expressed the" opinion that if all the institutions in tie country adopted the same, policy it would mean absolute ruin. It was decided to call the attention of the Prime Minister to the action of the Bank of New Zealand in this matter.