OVERSEAS FUNDS
NO OBJECTION TO CONVERSION
POSITION OF SECURITIES
, The question of securities and deposits overseas owned by New Zealand residents and their conversion into New Zealand currency was the subject of some remarks by the Minister of Finance (the Hon. W. Nash) in the House of Representatives yesterday afternoon, during the debate yon the Finance Bill. He said that overseas deposits could be converted at* any time. There never had been the slightest objection to that. "If there ate cash deposits in Australia and we need them for buying munitions, then at that point we will buy those cash deposits and pay the ordinary current rate Ojf exchange," said Mr* Nash. "Within a short time I hope to make a complete statement regarding arrangements | with Australia. In the meantime any New Zealand resident who is ■ the j owner- of cash reserves overseas and | is anxious to get New-Zealand cash,! then he can get the cash for,/them to- j morrow." So far as other securities were concerned, said Mr. Nash, anyone with securities in other countries, and anxious to sell them, could sell them provided he made the currency obtained from their sale available to New Zealand.'
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https://paperspast.natlib.govt.nz/newspapers/EP19400831.2.39
Bibliographic details
Evening Post, Volume CXXX, Issue 54, 31 August 1940, Page 10
Word Count
197OVERSEAS FUNDS Evening Post, Volume CXXX, Issue 54, 31 August 1940, Page 10
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