LATE LOCALS.

Hokitika Guardian, 26 February 1925, Page 3

LATE LOCALS.

[t is estimated, says the ‘‘Standard, that between 10.000 and 12,000 eases ol apples, and 1000 cases of pears were blown oil" in the Grovtown commorcia orchards by the gale. In one orchaid alone, the loss was approximately Till):) cases. Most of the orchardisls >m«l onlv commenced this week picking • » mature fruit for export, and a Government grader was in the district ,o supervise the grading and packing.

At the present time exchange is not charged in New Zealand on Austra'M" cheques, while New Zealand cheques are subject to a (id in the C. or 2V per cent, exchange charge in Sydney and Melbourne. Asked hv a “New /.oainnd Times” representative on Saturday to explain this state of aliairs, a Wollinutou authority on bank mo; mactors stated that the reason for it is that at tbc present time the buying rate on Australia, so far ns New h„„l is concerned, is par ■ whereas the clline rate on Australia L £_ 1 =* p> l £lO5 against ns. Sink n situation, he added, was always RaWe to arise so Pm.r as the gold standard remained m abeyance, and gold eould not lie exported. All it meant was that No" Zealand had been buying more Dorn i ustralia than it, had been selling t the Commonwealth: and as we ""ere not able to adjust the balance by a slum ment of gold, the ex.-hange rate had temporarily gone against us. am ; I favour of Australia. New Zealand m■i, lir no necumulated fund m Australia to draw upon