OVERSEAS ASSETS

Bay of Plenty Beacon, Volume 2, Issue 184, 10 July 1940, Page 2

OVERSEAS ASSETS

ESTIMATED AT £100,000,000 FUNDS FOR WAR Assets amounting in valuci to £100,000,000 , may be included in the mobilisation of New Zealand's overseas wealth under the Finance 'Emergency Regulations issued by the Government. While it is impossible at this stage to make ai close estimate of the total, it is known that the overseas and cash funds standing to the credit of New Zealanders in other countries represented a huge sum. Included in this total! is a great variety of assets and securities, a considerable proportion of which stands to the credit of large companies, including insurance companies with headquarters in New Zealand and interests in many countries and also banking institutions. What portion of the funds is held in securities in the hands of private investors cannot be estimated, but the holdings of shares by New Zealand investors in some of the leading Australian companies are very substantial and have been i ncre&sea in recent years. All holders of these funds are required to notify the Reserve Bank of the fact without delay. .The time actually allowed in the regualtions is fourteen days, but this has been extended to July 31 awing to the difficulty involved in the printing of the necessary forms.