BEGINNING AT HOME

Dominion, Volume 11, Issue 216, 31 May 1918, Page 6

BEGINNING AT HOME

CHARITY-AND INVESTMENTS. Regulations have been published in the New Zealand Gazette restricting tho remittance bf money from the Dominion for' the purpose of investmout abroad. The Hon. Arthur JI. Myers, Acting Minister of Finance, made the following observations in connection with the matter:—

"Owing to the enormous demands which the war is making upon tho financial resources of the respoctivo countries which are engaged in military operations, it has been found necessary to conserve as much as possiblo the resources of' each country for its own purposes. "Larga war loans are being floated in every country now engaged in the war. Conditions in ono country may bo more favourable to an investor than those which are offered in another country. There is thus an inducement to persons to transfer money from one country to another so.as to obtain the best return for tho investment.

"The Imperial Government' has found it necessary to issue regulations under the Defence of the Realm Act making it illegal for any person resident in the United Kingdom, without tho permission of tho Treasury, either on his own behalf or on behalf of any other person in the United Kingdom, (to send any remittance out of the United Kingdom for tho purpDSß of subscribing to any loan issue outsido of the United Kingdom, or for the purchase of stock or other securities other than merchandise, if the securities are not in the United Kingdom. "Tho Government of Now Zealand has considered these regulations with a view to applying tho same principle .to persons residing within this Dominion, and, accordingly, a set of regulations has teen drafted by the Law Officers of the Crown on the samo lines as those promulgated iu England. "The effect of the New Zealand regulations therefore is to prevent any person in New Zealand from sending any sums of money exceeding 4JIOOO out of the Dominion without the consent of the'Min'istcr of Finance, except, in cases whero' the money-is transferred in the ordinary course of business for the purchase of merchandise. "The . regulations are also drawn in such a way as to prevent a person residing in Now Zealand from placing at tho disposal of a person non-resident in New Zealand sums of money for investment abroad."