Overseas Securities

Dominion, Volume 33, Issue 239, 4 July 1940, Page 11

Overseas Securities

Sir,—Seeing that it is not the fault of holders of overseas assets that New Zealand money has little value in the world’s markets, it is not fair for the Government to offer these holders New Zealand token money for good overseasmoney. I suggest that the Government take the scrip on loan to be hypothecated to buy equipment and return it, to the thrifty holders ' after the war. Instead of blasting those who invested their money overseas the Government should now thank them. —I am, etc., 1840. Wanganui, July 2.

Sir,—The prime Minister ami the Minister of Finance both loudly declare that their policy is one of ity of sacrifice, but what semblance of equality' is there in confiscating Australian investments at war-depreciated market prices? These present prices are not what the shares are actually worth. Take Woolworths, Ltd., as an example. A few months ago there were stiles at 24/-; this, incidentally, being the price I bought at some time ago. Today’s Sydney quotation . is 14/-, bur the shares are still intrinsically worth 24/-. and will go io this figure again. Why should overseas investors he singled out to compulsorily 'ose a heavy proportion of their capital in this fashion? Nobody objects to any extra taxation required for war purposes, so long as it is equitably ai>plied, but this is over the odds altogether. Why differentiate so harshly between those who have invested overseas and those in New Zealand? Overseas investments are handicapped enough already as it is. The fact of the matter is that the Government has no sympathy whatever with investors, and delights in taking it out of their hides. Tlie war has given them a heaven-sent opportunity and they are taking full advantage of it in every possible way. What Cabinet Minister was it that said the squeals of the wealthy taxpayer were like music in bis ears? Unfortunately the great majority of New Zealand investors are not wealthy, and are rapidlv becoming the ne.v poor. —I am, etc.—VICTIM. Wellington, July 3, 1940.