BANK OF ENGLAND NOTES

Dominion, Volume 33, Issue 283, 24 August 1940, Page 8

BANK OF ENGLAND NOTES

Importation Prohibited ORDER ISSUED BY THE GOVERNMENT In conformity with action wliich is being taken in other parts of the British Empire, the Minister of Finance, Mr. Nash, announced yesterday that the New Zealand Government had issued an order in terms of the Customs .Act, 1913, prohibiting the importation, save with the consent of the Minister of Customs, of banknotes of the Bank of England or of banks in Scotland or Northern Ireland. The prohibition, Mr. Nash explained, arose from the fact that large amounts of banknotes of the description referred to might have fallen into enemy hands on the occupation of Allied countries, and it consequently was necessary that every step be taken to prevent their use by the enemy. By prohibiting the importation of these notes into Empire countries, the utility of such notes for enemy purposes would to a large extent lie destroyed.

Air. Nash added thtrt it was opportune to remind New Zealanders that, in terms of the Finance Emergency Regulations, 1940 (No. 2), all persons ordinarily resident in New Zealand were required to offer for sale to the Reserve Bank all overseas currency (including banknotes) which they were entitled to sell or to procure for sale. The Minister explained that, though no action had yet been taken actually to acquire overseas banknotes in terms of these regulations, it would be helpful if holders would forthwith exchange such notes for New Zealand currency through any of the local trading banks.