STERLING FUNDS
AN ALLEGED INJUSTICE ' TO BANKS. (By Telegraph—Press Association.) WELLINGTON, This Day. An allegation that the trading banks of New Zealand were being forced to pay the Reserve Bank £125 New Zealand for £lOO sterling, and to sell this exchange to their clients at £124 10s was made by Mr J. Hargest (Opposition, Awarua), during the debate on the Imprest Supply Bill in the House of Representatives last night. “It is contrary to banking practice to make losses on transactions of this sort,” said Mr Hargest, “but I have it on reliable authority that when the banks objected to the arrangement they were told that their objection would be regarded as an unfriendly act toward the Government. I would like the Minister of Finance to tell the House what truth there is in this rumour. “The story I have heard is that the banks are not happy about this,” continued Mr Hargest. “If it is so, it looks as though the exchange rate were in danger of going up. I would like to make the further observation that if this is so. the statement that we have a dictator in charge of our finances in New Zealand is not so far wrong.”
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Wairarapa Times-Age, 31 August 1938, Page 4
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203STERLING FUNDS Wairarapa Times-Age, 31 August 1938, Page 4
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