CHECKING THE DRAIN.

Waikato Times, Volume 107, Issue 17978, 25 March 1930, Page 7

CHECKING THE DRAIN.

LONDON CREDITS. TELEGRAPHIC TRANSFERS. INCREASE IN RATES. ; T nit.fAl Press Assn.—Elec. Tel.—Copyright. SYDNEY', March 24. From to-day the charge for telegraphic transfers from Sydney to London will lie 122/G per cent., one of the highest rates- recorded; and the selling rale to 130/-. The increase lias been made in accordance with a movement lo check the drain on London credits. Following arc details of the new tariff:—buying. Selling. On demand ... f 105 7 0 £lO6 1-3 30 days ... 101 15 0 105 12 6 60 (lavs 104 3 0 105 3 9 oo clavs ... 103 12 o 120 days ... 103 1 3 Tele. Transfer 100 2 6 106 10 0 The last alteration was made on March 10 when all quotations were advanced .1 per cent. Buying quotalions have now been raised 2 5-8 per cent., and selling quotations 2 3-8 per cent. Alterations of such magnitude have probably never previously been made; the new rAies are almost certainly unprecedented.. The premium on cable remittances is equivalent to over ' 15Ad on £1; in other words, £1 Australian will buy only 18s 9d in London. The movement of the exchanges against Australia began on July 22 last year- From October 4, 1928, until that"dale, the selling rate for telegraphic transfers was 1 per cent, and the buying rate A per cent.