Exchange Quotations

The following exchange quotations, gath ered in Sydney, show the rates existing in Sydney on February 12:

Fiji—Through Bank Of N.S.W.

Australia on Fiji on the basis of £100 Fiji—buying £112/7/6, selling £113/2/6.

Fiji on London, basis of £100 London;

Western Samoa—Through

Bank Of N.Z.

Exchange Australia, on Western Samoa, basis £100 Samoa—selling £113/2/6, buying par. Samoa on Australia —selling par, buy ing £113/2/6.

New Guinea And Papua

Through Commonwealth

Bank.

From Australia, on Rabaul and Salamoa, £1 per cent.

From Rabaul on London, same as Australia on London —25½ per cent.

Through Bank Of N.S.W.

Australia, on Papua and New Guinea, £1 per cent, premium each way, equivalent to commission of £1 per cent.

Papua and New Guinea, on London: Same as Australia on London, and vice versa.

New Caledonia—Through

French Bank

Drafts, Sydney-Noumea and Noumea-Syd ney, are on the basis of current rate of ex change on Paris, less 1 per cent, either way.

Business is handled mostly by the Comptoir National, in Sydney, and the Bank of Indo Chine, Noumea.

On February 12 when the Australian £ was nominally worth 71 francs, £100 Australian would purchase a credit in Noumea of 6,700 francs.

The rates between Sydney and Noumea are not made direct, but depend mostly on the Paris-London telegraphic rate, which fluctu ates constantly. It is usually much cheaper to transfer a large sum than a small sum between Sydney and Noumea, as the large sum can be made the subject of a cable to Paris, and its transfer arranged at a fixed price, while the small sum takes the chance of the market and the banks, of course, guard themselves against loss.

Post Office Orders.

The following are the rates for transfer of money between Sydney and Pacific Groups through the General Post Office. All such transfers are limited in amount.

Papua, Mandated Territory of New Guinea.

Fiji. New Caledonia—rate 3d. for each £ or fraction, with minimum charge of 6d.; re mittances strictly restricted to small amounts for business purposes, at absolute discretion of post office authorities.

Norfolk Island—6d. for £5 or fraction; no restriction; same as Interstate.

Solomon Islands, Gilbert and Ellice Islands, Tonga.—No actual restriction, but an implied one; rate, 4d. for each £ or fraction, for first £6; and 3d. for each additional £, with minimum charge of 9d. Post office orders issued at discretion of post office authorities.

New Hebrides and Tahiti.—No money order issued through post office.

Western Samoa and Cook Islands. Small amounts can be transferred by Australian Post Office through New Zealand Post Office: but issue strictly limited, at discretion of post-office authorities.

Buying Selling Telegraphic transfer... £110 0 0 £111 2 6 On demand .. ... 109 7 6 110 17 6 30 days 108 15 0 110 12 6 60 days 108 3 9 110 7 6 Fiji, on New Zealand, basis of £100, New Zealand—buying £99, selling £101.

Exchange, Samoa on London, basis £ 100 in London: Buying Selling Telegraphic transfer £109 15 0 £111 7 6 On demand ... 109 2 6 111 2 6 30 days 108 13 9 110 17 6 60 days 108 6 3 110 12 6 90 days 107 18 9 110 7 6 120 days 107 11 3 110 2 6