RISE IN EXCHANGE

Hokitika Guardian, 14 September 1931, Page 6

RISE IN EXCHANGE

AGAINST N.Z. Hy Telegraph —Per tress, Association) CHRISTCHURCH, September 13. The-,-announcement on Saturday that an International Agency' had increased the exchange rates as against New Zealand on Britain, and that the banks were likely to take similar -.action, brought an early rush on the banks here for - the dispatch of money overseas. ; The Christchurch Branch of one bank alone issued drafts for a total of twenty thousand sterling-on Saturday morning. The Associated Hanks, li;mfig'made no announcement irom Wellington, all the banks were operating on, the old rates of.exchange. It is;. however, still anticipated that the Associated Banks will shortly make similar increases in the'-exchange rates against New Zealand. j There has been some disagreement among the individual banks, it is believed, and this has delayed the announcement, but there is the prospect of a unanimous..decision .jv.yhiu the next day or two.' Two of the banks have been refusing to remit money from New Zealand to Australia except at par. The other banks, however ’so” far ag” can he (ascertained.,., have placed- no ,re., striction (cm the dispatch of money by those - private investors who are taking advantage of the exchange position. (