Overseas Funds

Press, Volume CVII, Issue 31500, 14 October 1967, Page 12

Overseas Funds

Sir,—We are all basically selfish, but most of us will respond to a well-judged appeal. The Forest Service says, “Keep New Zealand Green," and this does help to remind Us that a small careless act can hurt many others directly or Indirectly. What the Treasury needs to stress just now, I think, is “Keep New Zealand Out of The Red,” and go on to explain (simply) how selfish individual citizens are being when they hoard their overseas funds or buy overseas stocks. Thereby their fellow New Zealanders suffer, inflation, erosion, probably devaluation of the New Zealand dollar. If you want to live here and enjoy the Welfare State and the other incomparable advantages, you should have the decency to repatriate as much of your money as you can . . . and thus build up the Kiwi dollar. If you love thia country, don’t aell it short.—Youra, etc., ROVTTA October 6, 1967. [The Minister of Finance (Mr R. D. Muldoon) replies: “While I would not describe the motives of New Zealanders who keep funds abroad in the terms used by your correspondent, I am nevertheless in general agreement with the sentiments which he has expressed. If all, concerned followed his advice there is no doubt that our overseas reserves would benefit significantly. This would be of material assistance to New Zealand at the present time when we are faced with

reduced prices for our major exports, particularly wool.”]