EXCHANGE RATES
CONFERENCE OF BANKERS (United Press Association —By Electric Telegraph—Copyright) MELBOURNE* lptlr January. Discussion on the London exchange transactions began to-day at the conference of Associated Banks convened by the Commonwealth Bank with a view to restoring stability. A long debate is expected between the advocates of free exchange and those favouring “pegging” or stabilised exchange. DRASTIC ACTION (Received 17th January, 10.20 a.m.) MELBOURNE, This Day. Drastic action was taken at the Bankers’ Conference to check further dealings in the exchange on London in the outside market. It was resolved to increase at once the telegraphic transfer buying rate for London money from £llß to £125 and the selling rate from £llß 7s 6d to £125 10s. This is said to be the highest exchange rate on record for Australia.
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Nelson Evening Mail, Volume LXIV, 17 January 1931, Page 2
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131EXCHANGE RATES Nelson Evening Mail, Volume LXIV, 17 January 1931, Page 2
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