MUST DECLARE.

Auckland Star, Volume LXXI, Issue 151, 27 June 1940, Page 11

MUST DECLARE.

OVERSEAS CREDIT.

MONEY AND SECURITIES.

HOLDER!' OBLIGATION.

(By Telegraph.—Prese Association.)

WELLLINUTON, Wednesday.

A detailed examination of the finance emergency regulations gazetted last week was given in a statement issued to-night by the Minister of Finance, the Hon. W. Nash. He eaid they covered a section of the productive capacity of the Dominion no Ices important thai* the supply of raw materials and the maim tact lire of them into consumable good*. It is not now jwriiiitted to send out of New Zealand money or securities In uddition the regulations ensure that currency or securities issued oversea* must be put nt the disposal of die Reserve Bank. This means any money or security other than Xew Zealand money or securities. Anyone in New Zealand who po?ee«s overseas money at all, of whatever amount, must go to a poet office or trading bank and fill in a form stating the amount of overseas money in his possession. Later the Reserve Bank will adviee what is required to be done with the money. Any person who haa in any country outside Xew Zealand a bank balance or credit of any kind payable in overseas currency, or any person who holds overseas currency or right to a credit balance abroad on behalf of someone else mutt also make a return.

It ie the duty of every owner of overMae securities to make a return to the Reserve Bank of securities they hold. When the Reserve Bank purchases over■Uβ currency credit* or securities the price to be paid, baeed on the current rate of exchange, will, either be in cash or by the inane of Government stock or partly in one and partly in the other, as the Minister may direct.

No companies may now be formed in New Zealand without permission to do eo under Regulation 0. Companies being formed must get permission from the registrar or assistant-registrar of companies in each district before applying for registration. Capital cannot be increased or call* made without application firet having been made to the registrar or assistant-registrar of companies. The issue of securities, including the issue of a prospectus, must include a statement that the coneent of the Minister has been obtained.

Power taken during the last war to compel citizens to contribute to war loans in proportion to their means is also conferred by the regulations.