EXCHANGE RATES
INCREASE NOT JUSTIFIED CHRISTCHURCH JOURNAL’S OPINION \ • (By Telegraph—Press Association) CHRISTCHURCH, This Day. In a leading article on exchange rates the Christchurch “Times” says: “The rates of exchange to and from London have been increased by the usual decree without a word of explanation or any evidence that there is any necessity for further protecting balances in London. It is a conjecture, but we hold it a reasonable one, that the latest advance in the rates of exchange to and from London has .been practically imposed by the Australian banks trading here. If they or any one of them decided to pay higher premium for drafts oif London purely New Zealand institutions would have to follow suit, and what assurance has New Zealand that balances built up ’n London as a result of purely Dominion business, are not being used to support Australian credit? We cannot afford to have the Dominion regarded as a milch cow by the Commonwealth or banks centred there, and as far as we can see these exchange rates are neither justified nor justifiable.”
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NEM19310116.2.13
Bibliographic details
Nelson Evening Mail, Volume LXIV, 16 January 1931, Page 2
Word Count
179EXCHANGE RATES Nelson Evening Mail, Volume LXIV, 16 January 1931, Page 2
Using This Item
Stuff Ltd is the copyright owner for the Nelson Evening Mail. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in