PROPOSED ACT OF SECURITY

Wairarapa Times-Age, 5 July 1940, Page 4

PROPOSED ACT OF SECURITY

STATEMENT BY MINISTER OF FINANCE. (By Telegraph—Press Association.) WELLINGTON. This Day. New Zealand-owned securities invested in Australia are likely to be converted and used for the purchase of war materials. The purchases are now being arranged by a commission to Australia headed by the Minister of Supply, Mr Sullivan, and including an official of the Reserve Bank. Asked yesterday to confirm a report of the use for this purpose of Australian securities domiciled in Australia and held by New Zealanders, the Minister of Finance, Mr Nash, said: “They are likely to be used for the purchase of munitions, because of the fact that we have no funds in Australia and have not had any. Otherwise we would have to get funds from Great Britain to buy in Australia. It will be a long procedure before we can decide how the securities are to be taken over. Several cablegrams have been received, and negotiations are proceeding with the Australian authorities.”. Authority was taken in the Finance Emergency Regulations for the Government, through the Reserve Bank, to acquire at current market prices overseas securities held by New Zealand residents in order that the whole of the Dominion’s financial resources may be made available in the national interests.