AUSTRALIA ON LONDON
WHEN WILL RATE FALL?
It is expected in Australia that the departure of Great Britain from the gold standard will presently result in a reduction of the exchauge premium paid by Australia by probably £2 10s per cent., followed by a further reduction of £5 per cent..and subsequent reductions; but the banks and the Federal Government do not favour., rapid reductions, circumstances of exporters necessitating that the falls in the rate when made should be gradual. Replying to a question in the Federal House, of Representatives, Mr. Scullin said it was most undesirable that there should be a sudden fall in the exchange rate, as it would have a disastrous effect on export trade. There was no doubt, he said, that a drop in the exchange rate should, by giving relief to governmental Budgets, enable.the banks to make some money available which could be used to relieve unemployment. The whole position was being very closely watched.
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Bibliographic details
Evening Post, Volume CXII, Issue 86, 8 October 1931, Page 16
Word Count
159AUSTRALIA ON LONDON Evening Post, Volume CXII, Issue 86, 8 October 1931, Page 16
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