SENDING MONEY ABROAD.

Manawatu Herald, Volume XL, Issue 1834, 1 June 1918, Page 3

SENDING MONEY ABROAD.

GOVERNMENT 5 RESTRICTIONS,

Regulations have been gazetted Restricting the remittance of money from the Dominion for the purpose of investment abroad. A representative of the Post Avaited on the Hon. Arthur M. Myers, Acting-Min-ister of Finance, avlio made the following observations in connection with the matter: —

“OAving to the enoxmous demands Avhich the Avar is making upon the financial resources of the respective countries Avhich are engaged in military operations, it has been found necessary to conserve as much as possible the resources of each country for its oavii purposes. “Large Avar loans are being floated in every country hoav engaged in the Avar. Conditions in one country nfay be 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 the 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, Avithout the permission of the Treasury, either on his oavh behalf or on behalf of any other person in the,United Kingdom, to send any remittance out of the United Kingdom for the purpose of subscribing to any loan issued outside 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. ■

. “The Government of Ncav Zealand lias considered these regulations Avith a A'iew of applying the same principle to persons residing within this Dominion, and, accordingly, a set -of regulations has been drafted by the Law Office of the Crown on the same lines as those promulgated in England.

'“The effect of the Ncav Zealand regulations, therefore, • is to prevent any person in New Zealand from sending any sums of money exceeding £I,OOO out of the Dominion Avithout the consent of the Minister of Finance, except in cases Avherc the money is transferred in the ordinary course of business for the purchase of merchandise. The regulations are also druAvu in such a Avay as to prevent a person residing in New Zealand from placing at the disposal of a person non-resident in Ncav Zealand sums of money for investment abroad.”