MONEY FROM DOMINION

Hokitika Guardian, 16 August 1924, Page 1

MONEY FROM DOMINION

FLOWING TO AUSTRALIA. WKI.LINGTON, Aug. 11. The Prime .Minister in the House today said that Mr Voting, Hamilton, hail raised a serious question in regard to allegations that certain Australian hanks and other tinaneial institutions doing business in New Zealand, and making considerable profits within the Dominion, were sending large stuns of money abroad. Mr .Massey said he was e'v.'are that certain local bodies had been able to borrow money from Australian iustitutions doing business in New Zealand, hut the money wnsXcw Zealand money. It could not he termed Australian money until it had been sent to Australia am! exchange paid. The exchange was a serious matter tit present. He was aware that New Zealand money was going tnAustralia, !mt not in large stints. The adverse exchange was working to our advantage in that respect, lie admitted that while the stints were small they were in the aggregate quite it lot. A member: Wlial do you (till small stmts!'

Mr Massey: Anything from five pounds to a hundred. That is only a rough shot. 1 have been assured semi-oliieially that during the last few mouths it quarter of a million pounds has been sent front New Zealand to Australia for investment in Australia by wily of the Money Order (Mice. T do not know what we can do, hut it will lie necessary' to take some steps to discourage anything in that direction.

Holt .1. A. Hunan: Would that not le dangerous S' There would he retalia-

The Prime Minister replied that ho (Id not think so. The position was somewhai serious. Mention had been made by Mr Voting ot very large stmts of monev being sent triun New Zealand to jiity for sugar. Seeing that the Coli liiitl Sugar Company wits an Australian company; Mr Massey’s opinion Wits that we ttitid for sugar into Australian hank.-, and it wn - for them to make tic necessary arrangements. Mr Yeung: I am assured on responsible authority tli-.tt we do pay the exchange. Mr Massay said he was not sure. It was sometimes forgotten that we were having large cpiatilities ol wheat from Australia. Holt D. p'iddo: Anil p dittoes.

Mr Massey: Kxchange hits to lie paid ami it means a serious increase in CllstS.

r | he Prime Minister udded that lie knew something ahold those who were borrowing lrum Australia pltts exchange. and so with the principal later

Mr Voting: The interest, received in Australia will be worth more than itfare value, lor the exchange is in Australia's favour. Mr Massey said i tie fact was clear, and that was that money was dearer in Australia titan here. He regretted exceedingly that so much money bad g.me out of New Zealand for coal when we had enough for centuries to nitre. INTEREST IN A f'STII ALIA. SYDNEY. Aug. IV.

Witli reference to Mr Massey’s statement ill the House ol Representatives that money is being sent I four New Zealand lor investment in -Vu truin', it i* explained that funds in-

vested ft Australian Government , critics yield about one per cent more than similar 'investments in New Zealand.

That tickling, irritating cough can l*,e promptly relieved by a few drops of "NAZOL" taken on lump sugar. (30 do.es Is (Id.