FUNDS IN AUSTRALIA
TRANSFER TO DOMINION. APPLICATIONS TO BANKS. AUCKLAND, January 23. One of the significant features oi nisiness at the Auckland banks yesterday was an increase in the number of applicants for the transference of fund s n Australia to New Zealand. Whereas the cost previously was £l4 7s 6d er cent, with the rate of exchange between Australia and New Zealand now established on practically a par basis, the cost is only 10 s per cent. On the other hand, £l9O in New Zealand will establish £99 15s in Aus;ralia, as against £ll3 12s 6d preiously. The original rate was an adjustment if the difference between the Australian md the New Zealand rates on London, approximately 131 per cent, but latterly various rates were being charged by banks for customers only. The levelling of the rate will deprive Australian exporters to New Zealand of the premium they have enjoyed for ome time, but on the other hand, while New Zealand consumers will have to nry more for Australian goods, these will have an advantage in competition with exporters to the Dominion from ■ther parts of the woild, including Britain, who he faced by the higher exchange rate now in operation.
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Hokitika Guardian, 25 January 1933, Page 2
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202FUNDS IN AUSTRALIA Hokitika Guardian, 25 January 1933, Page 2
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