BANK CHARGES

Hokitika Guardian, 18 February 1930, Page 5

BANK CHARGES

ALTERED -RATES

(By Telegrapn—Per Press Association.)

WELLINGTON, Feb. 18

The Chairman of the Associated Banks has announced that as from yesterday, the following rates of exchange from New Zeaand on Loudon, came into operation (selling rates in paren-

thesis) . Telegraph Transfer: Buying (selling 62s 6d per cent, premium). On demand, buying 22s 6d per cent, premium, (selling 50s per cent, premium).

Three days, buying 20s 6d, ditto Thirty days, 12s 6d, (42s 6d ditto). Sixty days, 2s 6d ditto (35s ditto). Ninety days, 7s 6d per cent, discount (27s (id per cent, premium). 120 days, 17s (id per cent, discount <-)•

The alteration in these rates represents an increase of half per cent, in the selling rates, and a corresponding reduction in buying rates, which have been in operation since January 31st. when the buying rate was reduced by 7s 6d per cent, and selling rate increased bv 10s per cent. Therefore, there has been an increase in the selling rate in New Zealand on London of 20s per cent, in less than three weeks.

The rates of exchange, London on New Zealand, will, to-day be brought into conformity with the new rates, New Zealand on London.

The new rates represent the third alteration in two months, and they mean that importers will have to face a very appreciable new impost, while exporters selling bills on London against produce consigned by them, will stand to gain.