REMITTANCES OF MONEY

Taihape Daily Times, 1 June 1918, Page 5

REMITTANCES OF MONEY

.-RESTRICTIVE PRACTICE BRITISH PRACTICE. {ABORTED -■'* -f - i r Regulations have been published in the Gazette restricting the remittance of-money from the DominiSh for the purpose of investment aboard. Sp'eaking on this subject yesterday, the'Hon. Arthur M. Myers, for Einance, said that owing to the enormous demand which the war was making upon the financial resources of the respective countries which are engaged in military operations,"'lt has been found necessary to conserve as much as possible the resources of each country for its own purposes. The Imperial'Government had found it necessary to ! issue' regulations under the Defence of the Realm Act, making it illegal for any person resident in the United Kingdom for the purpose of subscribing to any loan issued outside the United Kingdom, or the purchase of stock or other securities other than merchandise, if the securities were not in the United Kingdom. The Government of New Z.-eland has considered these regulations with a view sons residing within this Dominion, and, accordingly, a set of regulations had been drofted by the law officers of the Crown on the same lines as those promulgated in England, The effect of the New Zealand regulations, therefore, was to prevent any person in New Zealand sending any sums of money exceeding £2OOO out of the Dominion without the consent of the Minister for Finance, except in cases where the money was transferred in the ordinary course of business for the purchase of merchandise. The regulations were also drawn in such a way >as to prevent a person residing in New Zealand placing at the disposal of a person non-resident in Now Zealand sums of money for investment aboard.