AUSTRALIAN EXCHANGE.
GREATEST STRINGENCY PASSED. FINANCING OF EXPORTS. LONDON, Aug. 21. The Times’s city editor says: “The period of the greatest stringency in the Australian exchanges appears to havo passed. The banks in Australia have lately experienced a keen demand for accommodation to finance exports, particularly late shipments of wool: These have been commanding high .prices, partly as the result of the German bidding'for merinos. The provision of credits, therefore, is being largely supported by the German Government by means of credits sterling from 60 per cent. The German tax on exports anti the depreciation of the mark will not interfere with such transactions, the German exporter procuring payment in foreign currencies, and handing over the required proportion to the Government in sterling, dollars or other currencies. In order to increase the ability to meet these demands, Australia, on, behalf of the exporters and the Australian banks, is naturally encouraging exports from England to Australia. These have considerably-' expanded lately. The immediate future holds a probability of a more evenly balanced trade position. —Times.
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https://paperspast.natlib.govt.nz/newspapers/MH19220824.2.29
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Manawatu Herald, Volume XLIV, Issue 2471, 24 August 1922, Page 4
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174AUSTRALIAN EXCHANGE. Manawatu Herald, Volume XLIV, Issue 2471, 24 August 1922, Page 4
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