N.Z. EXCHANGE
LONDON ATTEMPTS
TO UNDERSELL THE BANKS.
(Per Press Association—Copyright.)
CHRISTCHURCH, August 1?
There are indications that an attempt will, be made during the current import season to' undersell the 'hanks in exchange in Lon don } which, by agreement with the Government, the banks are compelled to maintain at the rate of 125 pier cent. During this week, one local importing house has received three offers of London funds at lower rates. The first offer came from tile representative of an English house, which was prepared to sell practically unlimited London funds at £123 15s per cent, on telegraphic transfer.
Two other offers here are from local brokers, who have offered London funds in £SOOO lots at a rate varying from £123 15s to £124 os.
Similar offers have been made to others importers.* The effect of this business, if, it becomes general, will be to increase the surplus of the London funds for which the Government is responsible to the Associated Banks.
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Hokitika Guardian, 18 August 1933, Page 5
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164N.Z. EXCHANGE Hokitika Guardian, 18 August 1933, Page 5
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