MONEY CHANGERS BEFORE COURT

Chronicle (Levin), 13 July 1946, Page 8

MONEY CHANGERS BEFORE COURT

— Press Association

BREACHES OF EMERGENCY REGULATIONS

By Telegraph-

A UdvLiAiN u, ouiy -i-. Por alleged breaehes of the Finance Emergencv Eegulations, 1940, three men — William Morris Banks McLaughlin, estate agent, aged 4S (Mr. Baxter) ; Stanley George Mills, painter, aged -- (Mr. Tumer) ; and Bernard Cottrill, elerk, aged 35 (Mr. Alexander)— appeared before Mr. J. II. Luxford, d.Al. The three were jointly charged that thev were party to the conversion of New Zealand currency to United btates eurrency, 250 dollars at a rate of exehange other than the curreut late between New Zealand and the United Btates, and with the conversion of 110 dollars and £30 in Australian currenci . They were further charged that, being ordinarily fesident in New Zealand and entitled to procure the sale of foreign currency, tliey failed to offer it or cause it to be offered for sale at the Reserve Bank of New Zealand, having regard to the currcnt rate of exchange. Cottrill and IMcLaughlin were further charged with aiding and a betting Mills in the taking of 300 American dollars and £30 in Australian currency out of New Zealand, other than in pursuant to permissiou in that behal'f being issued by the Reserve Bank of New Zealand. Mills was solely charged with doing an act with intent to commit the offence of taking 510 American dollars and £30 in Australian currency out of New Zealand without the permissiou of the Reserve Bank of New Zeahuid. McLaughlin pleaded guilty to all charges and pleas of not guilty to all charges were entered by counsel for Mills and Cottrill.

In respeet of McLaughlin, beniorDetective Aplin said that Mills had booked a passage by flyingboat for Australia but after being delayed ex pected to depart in June. He was interviewed by the Auckland detective office on the day before his expected departure and he had in his possession 510 dollars and £30 in Australian currency. He said he had purchased the dollars from a person at the tourist bureau and from a man knowu as "Hollar Bill. ' ' McLaughlin had admitted being known by this naiue and also to selling Mills 110 dollars at 6s Sd a dollar which was sixpence above the currcnt rate. He sold the Australian currency at £1 0s 3d per £. Accused also admitted selling 250 dollars to Cottrill for 6s 8d a dollar. benior-Detective Aplin said accused had said he had been dealing in foreign currency for about six years, collecting money from milk bars, hotel bars and other sourees. He liad liandled betwpen 20,000 and 30,000 dollars a vea'r. ; at , pne time but the amount had dropped considerably since. Accused had been very frank about the whole thing, concluded the senior detective. Counsel said the charges had all arisen from one transaction. He said his client had not been deliberately exploiting the regulations but his actions had been rnore foolish than eriminal. Detective Jones said Mills told liim he had made application to have £400 transferred from his Auckland bankitig account .to one in Australia but the amount had been redueed to £300. IIc said he had given two amounts oi £120 and £95 respectively to Cottrill to buy dollars with. He said he had bouglit niost of the dollars in his possession and collected others. Witness said that

in a statement Cottrill said he had arranged Mills' passage to Australia. Mills asked him to change some money which Mills had left with him but he told him lie would have to get a permit to do so. He later referred him to "Dollar Bill" but that was only on the spur of the nioment. Cottrill hitei admitted buving 250 dollars from "Dollar Bill" for Mills. Mr. Turner submitted there was no evidence that ilills had tried to take the money out of the country. He could not be eonvicted'.of not offering the currency to the Reserve Bank as the monev had been in the possession of the police before the date that it should have been offered had arrived. Mr. Alexander submitted that his client had acted purely as a member of the staff of the ^.bureau and had not made one penny protit. On one eharge McLaughlin was fined £200 and eonvieted and diseharged on the others. Cottrill was fined £200 on the eharge of aiding and abetting and eonvieted and diseharged on the others. • Mills was eonvieted of trying to take money out of the country and remanded for sentence. The Magistrate said as he had been previously eonvieted for offences, lie j required a report from the probation officer,