FOREIGN SECURITIES

Dominion, Volume 34, Issue 80, 28 December 1940, Page 5

FOREIGN SECURITIES

Census In Australia A census of all foreign securities and of gold outside Australia held by Australians is being undertaken by the Commonwealth Government, lleturus have to be made by January 11. The object of the census is to determine the resources of foreign exchange funds that may be acquired by the Commonwealth if necessary to meet commitments in non-sterling countries. Foreign securities excluded from the order are those expressed in the currency of a country in the sterling area, those expressed in Canadian currency and registered in Australia, and those whose sale was ordered about seven mouths ago by the treasury. Returns must also be macle where a person is owed money by debt from a person outside the sterling area, and of gold held outside Australia. Sterling area is defined as all parts of the Empire (except Canada, Newfoundland and Mong Kong), all territories under Imperial mandate from the League of Nations, all British protectorates, and protected States, Egypt, Anglo-Egyptian Sudan, and Iraq. Bank notes and Treasury notes which are legal tender in Canada or the United States and its dependencies must be sold immediately to the Commonwealth Bank, or ils agent. Trading hanks arc agents for the Commonwealth Bank. Commenting upon the order, the "Sydney Morning Herald” stales that, it is another step in the direction of accumulating foreign funds with which to purchase war material. The first step was the order of April last directing the actual sale of the named securities, with (lie direction liiat. (heir proceeds in United States currency should lie paid into tlie representative of the Commonwealth Bank in New York, in return for which the Commonwealth Bank would pay in Australian currency at the official exchange rate on the day of lodgment.