PAPERS DELAYED

Evening Post, Volume CXII, Issue 79, 30 September 1931, Page 7

PAPERS DELAYED

MERCHANTS ANNOYED

A BANK CRITICISED

Complaint was made by Mr. D. Bowie at last night's meeting of the Chamber of Commerce that certain documents which had arrived by the Makura had not been released to some firms in the city promptly, and as a result those firms had suffered in a lower conversion rate. Some firms had received their papers on Monday morning and had obtained the old rate of 4.85, while others who did not receive their papers till Tuesday were asked to convert at 4.30, and some at as low as 3.50. The excuse piade ivas that the registered documents did not come into the possession of the bank in time for their release on Monday, but he could not understand why, if some banks could release documents on Monday, all could not do so. The secretary said that he understood that some firms in Britain had advised local importers that they intended to draw upon them in francs and dollars. ' A member remarked that several overseas firms had indicated that intention. Another member: "Only French and American firms." "No, English firms." ; Mr. J. Myers said that he did not think that the "Wellington Chamber could do anything in the matter of exchange at all; the position had arisen as a result of England suspending the gold standard. It was "up to" NewZealand business men to buy their goods from those parts of the Empire which had not suspended the goldstandard. Mr. Bowie returned to the point of the delay in the release of documents. The chairman, Mr. J. P. Luke, said that he did net think that the chamber could move unless it had specified cases. Mr. Bowie said that such cases-could be cited. He thought that the chamber should act and afford the merchants the' protection they were entitled to and also to restore the banks into the confidence of the business people. The matter was further discussed in committee, and will probably be referred to at a later meeting.