LOSS OF INCOME

Opotiki News, Volume II, Issue 215, 2 August 1939, Page 2

LOSS OF INCOME

NEW ZEALAND KINDS ENGLISHWOMAN’S -MONEY As a result of restrictions on tbe' ti ansl'er 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 lin'd lived in England for 30 years, and. trom 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 piacti.ee 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 that the income would not ho affected by the exchange restrictions. “Recently I. made application to the Reserve Bank for permission to send r. customary £125 which had accumulated from the woman’s investment returns,” Mr. Dawson continued. “1 received a reply that 1 would be allowed to transfer only £O2 10s, with a provision that I might make application in a month’s time for permission to remit a similar sum. By this time, however, further income will have accrued.” The woman was dependent upon hoi inci me from New Zealand, he added, and she was not only assisting the Dominion h t v her investments, but slu was also contributing materially to tin finances of the State by her payment of income, absentee and other taxes.