NEW ZEALAND NOTES
REFUSED BY AUSTRALIAN BANKS TOURISTS ANXIOUS TO KNOW WHERE THEY STAND. UNCERTAINTY REGARDING TRADE.. By Telegraph—Press Association—Copyright (Received This Day, 10.40 a.m.) SYDNEY, This Day. The “Herald” says the business of exporting from Australia to New Zealand will be brought practically to a standstill until the manner in which' the New Zealand Government intends to apply restrictions on imports in known. A few more large transactions for export trade purposes were put through yesterday, in cases where it was certain that permission to import would be given by the New Zealand Government.
The exchange restrictions in New Zealand have caused some concern to tourists, who want to know how they stand with their letters of credit, the cashing of which is essential for financing their holiday. Some notes of the Reserve Bank of New Zealand were presented to banks in Sydney yesterday and Australian currency sought, but invariably exchange was refused. The banks are prepared to sell New Zealand currency at the rate which has been quoted for some weeks past, namely £lOO New Zealand for £lOO 10s Australian, but they are not prepared to buy New Zealand currency.
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Wairarapa Times-Age, 10 December 1938, Page 7
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192NEW ZEALAND NOTES Wairarapa Times-Age, 10 December 1938, Page 7
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