OVERSEAS SECURITIES
GOVERNMENT PURCHASE (By Telegraph.—Special to Times) WELLINGTON, Friday The conversion into New Zealand currency of securities and deposits held overseas by New Zealand residents was referred to by the Minister of Finance, the Hon. W. Nash, during the Finance Bill debate in the House of Representatives today. Mr Nash said that if there were cash deposits in Australia and they were required for the purchase of munitions, then at that point the Government would buy the deposits and pay the ordinary current rate of exchange. If any New Zealand resident owning cash reserves overseas was anxious to get New Zealand cash for them he could do so at any time. That had always been the position.
Within a short time the Minister hoped to nidke a complete statement regarding arrangements with Australia. If a person had securities in other countries. Mr Nash added, and was anxious to sell them he could do so provided the currency obtained from their sale was made available to &ew Zealand.
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Waikato Times, Volume 127, Issue 21206, 31 August 1940, Page 8
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168OVERSEAS SECURITIES Waikato Times, Volume 127, Issue 21206, 31 August 1940, Page 8
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