NAVY INDULGES IN HIGH FINANCE.
, , WELLINGTON, Aug, 22. "jEoyal Na.\ial persannMl|attached 'to th.e Royal New -Zealaifd^Navy are today 'benioaning tlxe fact tlxat New Zealau.l has brought its £ to parity witlx sterling. Their reason is solind enougli too. Evcr 1933, wlieu the exvhatfge"'fate "Was decided at £ (N.Z.) 125 to £1(J(J Sterling, they have been making inoncy and in some cases big ftioney, This Js how it has been donb-. When New- Zealatfd devaiued its £ it \Vas decided to grant to Naval person nel on loaii from Britain, the right to trausfer tlieir s'alaries or pay to inc United Kingdom free of excliauge. This Was designed to pre'vent lxardship bein^, Inliieted on those witli family responsbilities in the Old Country. However, the men oi the Royal Navy wero quick to see their opportuxnty for making some easy money. Very #011 it became the general practice to send all pay to Britain and then have it despatched back to New Zealand. For every £100 thus sent on the trip round tlie world, the uwner received an extra £25 through ilie exchange rate.
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https://paperspast.natlib.govt.nz/newspapers/CHRONL19480823.2.32.2
Bibliographic details
Chronicle (Levin), 23 August 1948, Page 5
Word Count
179NAVY INDULGES IN HIGH FINANCE. Chronicle (Levin), 23 August 1948, Page 5
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