EXCHANGE RATES

Nelson Evening Mail, Volume LXIV, 6 January 1931, Page 5

EXCHANGE RATES

INCREASE IN VICTORIA

HURRIEDLY CONVENED MEETING (United Press Association—By Electric Telegraph—Copy ri gh t) MELBOURNE, This Day. A hurriedly convened meeting of the Associated Banks of Victoria decided to raise their exchange rates on London to those of the Bank of New South Wales, but their selling rate will be 2s 6d more. The increase in the Victorian rate is therefore £6 10s per hundred. BANKING CIRCLES SURPRISED (Received 6th Januai— 10.30 a.m.) LONDON, sth January. The announcement of the increased exchange rates took banking circles by surprise, though some increase was expected. Tlie increase accentuates the already sharp distress of those subsisting either by returns from Australian investments or bv remittances. It furthermore adds to the difficulties of the Governments meeting periodic payments. AUSTRALIAN STOCKS DEPRESSED CASES OF EXTREME HARDSHIP (Received oth January, 12.45 p.m.) LONDON, sth January. The advance of exchange has had a further depressing effect on Australian stocks, several being marked down seriouslv. Victorian 3A 58, s’s 762; New South Wales 4’s, 82|, 3’s 09, 3| 532; Queensland s’s, 73; Tasmanian 3£ 09J; West Australian 3A 75. Australian circles in London are generally shocked at the increase but it is felt in some quarters that even 20 per cenit. is not now unthinkable. There are several eases of extreme hardship, including several gentlewomen, owing to the difficulty and. in some cases the impossibility of getting dividends and remittances from Australia. "