RETURNING TO N.Z.

Hokitika Guardian, 22 February 1933, Page 6

RETURNING TO N.Z.

EFFECT OF EXCHANGE INCREASE

RESIDENCE ABROAD TOO EXPENSIVE.

CHRISTCHURCH, February 21

New Zealanders living abroad on income derived from the Dominion are being forced to return home because or the shrinkage of their remittances, due to the increase in the rate of exchange. To make available £IOO in Rondon. people in New .Zealand-must pay £125 to one of the local banks. In other words, if £IOO is paid Tint-o the banks in New Zealand, that will buv only £Bo.in English money, representing a serious . loss to the person in Britain to whom the money is remitted. The position is even more serious for New Zealanders—or those deriving income from the Dominion—who have been living in' France, as many have hem doing. In the ,-emitting of money irom Britain to France th e . exchange is against Britain. T-b© par ; rate of exchange meant that .-a person in Franco could buy one British pound by paying 124 francs for it; but -now he need nay- only 87 .francs. The £IOO in New Zealand .monpv having already shrunk to £B.O in-British money, the N t<v > v ianiler >;esident jn. France.is called upon to consider how much he wj]l get when that £80" « lodged in London to his credit. The fact is that the £ICO in New Zealand money is worth only £56 in France. It will he seen, therefore, that New Zealanders living, in France are paying a heavy price for' the privilege, and it. is stated that many el them are finding themselves in a difficult position. Inquiries made yesterday in Christchurch reveal that several N u w Zea-J landers' wfio wore living abroad have been Forced to return to- the Horn in ion, and there are indications that many more will b e compelled to follow that course. It was stated that many New Zealanders were living in England and Scotland, and a..smaller number in Ireland.