AMERICAN CURRENCY

Wairarapa Times-Age, 9 October 1940, Page 2

AMERICAN CURRENCY

SALE TO COMMONWEALTH REQUIRED. An order has recently been issued in Australia under the National Security (Monetary Control) Regulations making trading in American or Canadian dollar notes within the Commonwealth illegal. Anyone who holds these notes at present, or receives them from overseas in the future, must sell them to the Commonwealth Bank of Australia er a trading bank acting as agent for the Commonwealth Bank, and will be paid their equivalent in Australian currency at the current rate of exchange. Although such notes could not, under existing regulations, be taken or sent from Australia except with the approval of the Commonwealth Bank, it has become necessary to ensure that they are not held or that there is no trading in them within Australia because of the need to conserve dollar exchange. This action follows earlier regulations under which securities and other foreign exchange expressed in Canadian and American currencies were brought under control. Under the new order all dollar notes in Australia become available to the Commonwealth Government for national purposes, and any failure to sell such notes to the banks will be regarded seriously as an offence against the regulations.