EXCHANGE BONUS.

Auckland Star, Volume LXV, Issue 240, 10 October 1934, Page 5

EXCHANGE BONUS.

OVERSEA 'WINDFALLS'

FULL PREMIUM PAYABLE.

N.Z. BENEFICIARIES,

{By Telegraph.—Parliamentary .Reporter.) WELLINGTON, this day. It is not generally known that New Zealand bcneficiarics under United Kingdom legacies have, since August 1, been entitled to receive the full benefit of the 2.3 per cent exchange premium. Before the Keserve Bank assumed responsibility for the exchange, New Zealand on London, the matter was in the hands of the Government, which at the outset restricted the benefit of the inflated exchange to returns from the sale of New Zealand's exportab ! e products, and such other remittances os might be utilised in the Dominion for developmental purposes. Legacies, sweepstake winnings and other "windfalls" were excluded, the remittances in those instances being admitted at par. At a later stage an exemption of £200 was allowed, and finally this was extended to £1000. On August 1, when the Reserve Bank took over the control, the entire arrangement was cancelled, and since then the full premium has been payable on remittances of the class referred tc.