Securities

Press, Volume CVI, Issue 31144, 22 August 1966, Page 17

Securities

Proceeds of the sale of sterling area securities or currency by someone living in New Zealand now have to be made through the banking system if payment is wanted in New Zealand currency. There has been no change in the position on non-sterl-ing area currencies and securities and anyone in New Zealand holding such assets must only deal with them with Reserve Bank permission or through the banking system.

The effect of the recent moves has been to stop quotation of sterling area shares in New, Zealand currency on New Zealand stock exchanges. Anyone living in New Zealand may still hold sterling area currencies and securities and accrue more so long as they are not otherwise required to surrender them to the banking system. Interest and dividends, legacies received in overseas currencies or overseas securities may be retained.

Overseas remuneration for work done in New Zealand must be surrendered as required since 1964. The banks says that the overseas value of existing sterling area assets are not affected, but the premium in New Zealand currency has gone.

This is not necessarily a loss to the holder as some holdings were acquired for other than New Zealand currency or when the premium was lower than 10 per cent.

C-W. Salmon Rights.—Quotation of rights to the issue by Cory-Wright and Salmon of 124,000 10s ordinary shares at par has been authorised by the New Zealand Stock Exchange Association. The basis of the issue is one-for-six ordinary shares or convertible notes held.—(P.A.)