BANKERS' POSITION

Evening Post, Volume CXIII, Issue 28, 3 February 1932, Page 8

BANKERS' POSITION

' }. (By Telegraph.) \.-:.'. ; > (Special to'"The Evening Post.") ' ■;:'-:'';;;;;: ;" .DUNEDIN; ThisT'Day.;' 'Interesting developinejit's in th'e'bant exchange market are anticipated within the, next few days:' The: purchase of EhglisK^bahk .notes at the banks, in Dunedin-\: to-day:- was "impossible,;: aX % though exehang^;.fipecu|^oi'S''were!m.tkitfg ; strong inquiries.'; Purchases -were made late yesterday afternoon by '.p'eo--ple with ''inside information;";''': ' : It is ' reported that'> a" proposal- shas been- madeby oneof 'the banks operating extensively ••throughout'' New-' Zealand/ that .the1 exchange rate' between New-ZealandV arid Australia; the selling- price of which-at present is°£ 14 12s <sd)^ should' be removed, ahd;thatthi3 exchange between New Zealand ' and iondon Should 'be' increased' to £25 per .cent. "?The-suggestion'is;stronglyOppos-ed,: according to-reports in other bahk'mg' quarters, r-r-i .-,>.' Uf . '.;•:-^ ■;;-•■

■ While the Newi Zealand Government is reported to-be opposed to the removal of the Australian.exchange, and a,heavy increase on London rates, there is-every possibility.of iriteresting.'niovements in:exchange, and speculators are anticipating, a rise .on: London ; rates; .One: ibank .yesterday afternoon tV sell.-a ,drdft on London for £200 at the current rate. ■••:'. V" ■ ■ ■■>r---;r-.'«,.'/ "