"OUTSIDE" EXCHANGE
PROBLEMS FOR BANKERS
The Australian banks, in their recent reply to requests made to them £>y the Premiers' Conference, stated that they •n-era carrying' out an undertaking given generally to observe their agreement with respect to the mobilisation of exchange. The banks, however, explained that they were confronted with great difficulty in keeping to the agreement because of the increasing volume of exchange business done through other channels. Continental traffic in Australian export funds at high rates is developing, without recourse to Australian banks, and there is a revival of the political proposal that the Commonwealth Government should prevent all "outside" exchange business by using its powers to control export trade. Bankers have undertaken to provide funds to enable the Australian Governments to pay interest on "money borrowed overseas, and while they would welcome steps to prevent exchange business slipping from them, some of' them are dubious about the implications of Government entry into this field. Others viewed the situation so seriously that they think the time may come before long when Government intervention would be the lesser of two evils.
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Bibliographic details
Evening Post, Volume CXII, Issue 82, 3 October 1931, Page 16
Word Count
183"OUTSIDE" EXCHANGE Evening Post, Volume CXII, Issue 82, 3 October 1931, Page 16
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