CONTROL OF EXCHANGE

Press, Volume CI, Issue 29991, 28 November 1962, Page 14

CONTROL OF EXCHANGE

“Permanence Inevitable” (NX. Press Association) WELLINGTON, Nov. 27. The last remaining Emergency Regulations would be put in statutory form in the next session of Parliament, the Minister of Justice (Mr Hanan) told the House of Representatives today. He wag moving the second reading of the Emergency Regulations Amendment Bill, which maintains until the end of the next year the remaining Emergency Regulations.

The regulations, which date from 1940, and their amendments authorise control over the export of money and securities from New Zealand, and they form the basis of exchange control. The regulations also maintain the remaining controls on capital issues.

The regulations should have been put in statutory form, said Mr Hanan, but it had not been possible because of this and last year’s legislative programme. Mr A. H. Nordmeyer (Opposition, Island Bay) said the powers were essential in the interest of the national economy.

Mr Hanan, he said, had given an assurance last year in terms similar to the one he had just given. “The time has arrived—in fact, it is long past—when such powers should be put into statutory form and passed by this House. I can understand the Government’s reluctance to bring down legislation which would recognise that these powers are more or les.-, permanent.” said Mr Nordmeyer. The bill was read a second time.