The Press WEDNESDAY, MARCH 29, 1967. Unwise Restraint On Emigration

Press, Volume CVI, Issue 31330, 29 March 1967, Page 12

The Press WEDNESDAY, MARCH 29, 1967. Unwise Restraint On Emigration

In its efforts to stop the drain on New Zealand’s overseas reserves the Government has gone too far in restricting the exchange available to emigrants who want to transfer their assets abroad. Any limit is likely to be regarded overseas as a reproach to New Zealand’s name. A limit on initial transfers of £5OOO must effectively curtail a freedom that has come to be regarded as fundamental —the freedom to live, work, study, or do business where one pleases. Many families wishing to sell assets in New Zealand to move to another country, to buy a house there, and to establish a new life would find the £5OOO limit virtually prohibitive. Even if the Reserve Bank is generous in recognising the “ special circumstances ” mentioned by the Minister of Finance (Mr Muldoon) the need to appeal to authority to make use of one’s property is distasteful. On balance, New Zealand gains through migration far more in talent, production, and financial assets than it loses. We should have cause to complain if the countries which are the main sources of our immigrants imposed this kind of restriction. Although the Government may be trying to forestall the possible misuse of the right to transfer assets abroad, the disadvantages of this new restraint heavily outweigh any temporary benefits. The Government should review its decision before the consequences of this control expose, to international as well as to local attention, the absurdity and unfairness of preventing free emigration. Restricting the use of overseas funds by persons who remain under New Zealand jurisdiction and who are part of an economy which must husband its overseas funds is reasonable. Denying persons the means to live elsewhere if they choose is not.