Exchange Quotations

The following exchange quotations, gathered in Sydney, show the rates existing in Sydney oh June 17:—

Fiji—Through Bank Of N.S.W.

Australia on Fiji on the basis of £lOO Fiji— buying £ll2/7/6, selling £ll3/2/6.

Fiji on London, basis of £lOO London:

Western Samoa—Through

Bank Of N.Z.

Exchange Australia, on Western Samoa, basis £lOO Samoa—selling £ll3/2/6, buying par.

Samoa on Australia—selling par, buying £ll3/2/0.

Exchange, Samoa on London, basis £lOO in London:

The above is only a nominal indication. The exchange between Apia and Suva, Apia and New Zealand, Apia and Sydney, and Apia and London, is constantly altering.

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—2sl per cent.

Through Bank Of N.S.W.

Australia, on Papua and New Guinea, £1 per 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-Sydney, are on the basis of current rate of exchange on Paris, less l per cent, either way. Business is handled mostly by the Comptoir National, in Sydney, and the Bank of Indo-Chine, Noumea.

On June 17, when the Australian f was nominally worth 74 francs, £lOO Australian would purchase a credit in Noumea of 7,200 francs.

The rates between Sydney and Noumea are not made direct, but depend mostly on the Paris-London telegraphic rate, which fluctuates constantly. It is usually much cheaper to transfer a large sum than a small sum be tween 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.; remit tances 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 f, with mini mum 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 13 9 111 0 0 30 days 109 7 6 110 17 6 00 days 109 2 6 110 15 0 Fiji, on New Zealand, basis of £100, New Zealand —buying £99, selling £101.

Buying. Selling.

Telegraphic transfer .. £100 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