LOSS OF INCOME

Gisborne Herald, Volume LXVI, Issue 20002, 29 July 1939, Page 10

LOSS OF INCOME

HEW ZEALAND FUNDS ENG IRISHWOMAN'S MONEY As a result of restrictions on the transfer of funds from New Zealand to persons domiciled abroad, an' Englishwoman who is largely dependent upon returns from investments in the Dominion is claimed to have been deprived of a large proportion of legitimate income. The woman’s attorney in New Zealand, Mr. John Dawson, an Auckland engineer and surveyor, said that she had been placed in a very difficult position.

Mr. Dawson said the woman had lived in England for 30 years, and, from‘time to time, she had sent sums of money to be invested on her behalf in New Zealand gilt-edged stocks. As interest accumulated, it had been his practice to remit it to her in amounts of £125 New Zealand currency, equivalent to £IOO sterling, and, as she was domiciled abroad, the authorities had indicated iha tuber income would not be affected by the exchange-restrictions. “Recently I made application to the Reserve Bank for permission to send a customary £125 which had accumulated from the woman's in- ■- m n‘ r ‘u n .” Mr. D iw>on continued. “I received a reply that I -vould be allowed to transfer only £62 10s, with a provision that I might make application in. a month's time for permission to remit a similar sum. By this lime, however, further income will have accrued.” The woman was dependent upon her income from New Zeilana, he added, and she was not only assisting the Dominion by her investments, but she wa.s also contributing materially to the finances of the State by her payment of income, absentee and other taxes.