REMITTANCES ABROAD
TO THB EDITOR OF TBE PRESS, Sir, —Owing to rumours that restrictions’have been placed 01 i remittances abroad, Mr Nash, the Minister for Finance, has issued a categorical denial. This denial, however, is misleading, because Mr Nash quotes the Reserve Bank Act, of 1934, to show that the bank has no power to refuse to sell sterling. He also adds a .remark, which is not correct, that “the relevant provision in the act is still in full force Arid effect ** In the Amending Act Mr Nash took power to suspend the Reserve Bank s duty to sell sterling, on any conditions he thought fit. This power is absolute: therefore the provisions of the original act have been materially modified. They are not. as he wishes us to believe, 'in full force and effect.’’ The true reply to the rumours would have been: “As Minister for Finance I have absolute power to suspend the Reserve Bank’s duty to sell sterling, but I have not done so yet; therefore the rumours are untrue.” Instead of this he has referred to a section of the original act as a complete reply and has concealed the fact that he can suspend that section at his absolute wish. -Yq,ur,. ete.. AJAX . September 6, 1938.
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Press, Volume LXXIV, Issue 22501, 8 September 1938, Page 9
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211REMITTANCES ABROAD Press, Volume LXXIV, Issue 22501, 8 September 1938, Page 9
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