EXCHANGE CRISIS

Nelson Evening Mail, Volume LXIV, 9 January 1931, Page 5

EXCHANGE CRISIS

COLLAPSE OF THE RING EXPECTED COMMENT IN LONDON (United Press Association—By Eleotrie Telegraph—Copyright) LONDON. Bth January. The “Financial Times” says that the absence of a statement from the Associated Banks is causing surprise in the city. Well-informed people express the opinion that the break away of the Bank of New South Wales may lead to the collapse of the ring. Exchange is fluctuating in accordance with the actual market conditions, which is eminently, desired. The “Financial News” remarks that the city interpreted the latest. advices from Australia unfavourably, and funds have been influenced and stocks lowered.

The “Daily Telegraph” says that although' the reduction of the Union Bank interim dividend was not surprising, Australian Bank shares were marked down, and are standing generally at be low the lowest levels touched in 1930, SUBSTANTIAL ALTERATION AUSTRALIAN AND NEW ZEALAND i RATES WELLINGTON,. This Day.

A substantial alteration in the New Zealand and Australian exchange rates have been made by the Bank of New South Wales. The new rates, which are being charged by the bank as from Monday, sth January, are: Australian on New Zealand, buying £lO9 10s, selling £llO, on the basis of £IOO in. New Zealand : New Zealand on Australia,, buying £110; selling £lO9 10s, on the basis of £IOO in New Zealand.