FOREIGN REMITTANCES

Dominion, Volume 11, Issue 215, 30 May 1918, Page 4

FOREIGN REMITTANCES

INVESTMENTS ABROAD RESTRICTED. A new War Regulation just gazetted prohibits the seuding of uioney in considerable sums out of this country for investment. Following is tho teit of tho Regulation;— 1. Without the permission in writing of tho Minister of Finance, no person resident in New Zealand shall either directly or indirectly, and either on his own behalf or on behalf of any other person resident in Now Zealand, send any remittance exceeding JCIOOO out of New Zealand— (a) For tho purpose of making or subscribing to any loan or subscribing to any issue of capital out of New Zealand; or (b) For the purpose of purchasing any laud, shares, stocks, debentures, securities, or other property whatsoever (other than merchandise) if the property is out of New; Zealand; or (c) For any purposo otherwise than iu the ordinary course of the business of tho person by whom or on whoso bclialf tho remittance is sent. 2.' Iu theso regulations the expression "person resident iu New Zealand" includes any company or other body corporate which is iucorported iu New Zealand, or which, wherever incorporated, carries on business in New Zealand. 3. Every reference in theso regulations to the sending of a remittance out of New Zealand shall be deemed to include a reference to placing money in New Zealand at the disposal of a person not resident in New Zealand. •4. No banker or other person shall be a party to the sending of any remittance exceeding ,£IOOO out 'of New Zealand by or on behalf of any person resident in New Zealand, except in pursuance of a written statement made by that person or his agent setting forth the purpose for which the remittance is intended. 5. Every person who -commits any breach of those regulations, or who makes any such written statement as aforesaid which is false or misleading in any particular, or who makes any false or misleading representation to tho Minister of Finance for tho purpose of obtaining his permission under these regulations, shall be guilty of an offence, and shall be liable under the War Regulations Act accordingly.