Exchange Quotations

The following exchange quotations, gathered in Sydney, show the rates existing in Sydney on May 15:—

Fiji—Through Bank Of N.S.W.

And Bank Of New Zealand.

Owing to Governmental fixation of rates, Fiji- London, the rates Australia-Fiji and New Zea land-Fiji are irregular, and depend upon volume of transactions either way. Government rates Fiji-London on basis £100 London.

Western Samoa—Through

Bank Of N.Z.

Exchange Australia, on Western Samoa, basis £100 Samoa—selling T.T. £99, O.D. £99/5/-; buy ing £101/5/-.

Exchange, Samoa on London, basis £100 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 Pt. Moresby, £1 per cent.

From Rabaul on London, same as Australia on London —25% per cent.

Through Bank Of N.S.W.

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

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

Direct Telegraphic Transfer.

Selling Rates.

Quoted by

Bank Of New South Wales

in Australia.

Australia on Papeete.

New Caledonia—Through

French Bank.

Drafts, Sydney-Noumea and Noumea-Sydney, are on the basis of current rate of exchange on Paris, less 1 per cent, either way. As quoted by the Comptoir National, in Sydney, and the Bank of Indo-Chine, Noumea: On May 12, when the Australian f was nomin ally worth 68 francs. £100 Australian would purchase a credit in Noumea of 67.85 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 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 for 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 £, 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.—Transfers can be effected by Australian Post Office through New Zealand Post Office; but amounts are limited to £100 per week per remitter.

Buying.

Selling.

Telegraphic transfer .. £112 0 0 On demand £110 12 6 £111 17 6

Buying.

Selling.

Telegraphic transfer . £124 5 0 £125 5 0 On demand 123 13 0 125 0 0 30 days 123 10 0 124 15 0 60 days 123 5 0 124 10 0

Average for week ended 20/4/33 .. . . .. 67.65 Francs to £ Australian Average for week ended 27/4/33 .. 65.89 Average for week ended 4/5/33 ... 66.70 Average for week ended 11/5/33 .. 66.82 Average for week ended 20/4/33 .. ... . 67.65 Australia on Noumea.

Francs to £ Australian Average for week ended 27/4/33 . . 68.69 Average for week ended 4/5/33 .. 66.50 Average for week ended 11/5/33 .. 60.62