EXCHANGE RATE

Hokitika Guardian, 23 February 1932, Page 3

EXCHANGE RATE

AUSTRALIA A)ND NEW ZEALAND. MONEY ORDER BUSINESS NOT affected. Tnrr'.-T-nTV- Eeh. 1.3. It i s probable that not a few people forwarding money to Australia during the past fortnight have been puzzled to know why the payment of £2 in the Commonwealth crdls for the lodging of a similar amount with New Zealand money oflder offices if that medium of transaction is used. Notwithstanding the existence of a fas' .vournble exchange on Australia, money orders sent from New Zealand have only thair face value in the Commonwealth. This is the result of an instruction issued to postmasters, to take effect from (February Ist. In substance it means .that money order business transacted between Australia and New Zealand is in ivno way affected by the exchange position. (Consequently, whereas an obligation of <£2 in Australia could, prior to February Ist, 'have been discharged with a NoW~Zen]ancl money order for 365, it is now necessary to send the full omount. In different case is the money order ' business between New Zealand and the United •Kingdom. To forward -£2 to •London, it is necessary to lodge £2 plus (10 per .cent, exchange, a total of £2 4s. Full cognisance is taken of 'the exchange rate on the basis of bank charges in re.spect of money .sent to London.