Dollars for Migrants Restricted

Grey River Argus, 12 April 1948, Page 5

Dollars for Migrants Restricted

LONDON, April 10. The Chancellor of the Exchequer. Sir Stafford Cripps, announced m the House of Commons yesterday that' the amount of capital wmcn emigrants would be allowed to taxe to countries outside the sterling area was being reduced immediately from £5OOO sterling to a maximum of £lOOO sterling payable, as before, in tour equal annual instalments. The saving in dollar exchange alone, he said, would amount to between £3,,0000,000 and £4,000,000 sterling a year. The reduction, he added would not apply to emigrants already' overseas or to intending emigrants who hau already lodged applications with their bankers. Emigrants would continue, as at present, to be redesignated as non-resident after four years, and could then have their full capital transferred. The Australian Government has now approved the expenditure ot £500,000 to convert the Anchor Line vessel Cameronia of 16,297 tons for fhp carria,2f6 of migrants. Work is also beginning on the £1,000.000 conversion of the liner Bermuda Monarch, for a similar purpose . The Anchor Line will retain me ownership of the Cameronia, but she will be used exclusively to brln,. British migrants to Australia.