EXCHANGE PREMIUM
FOR FARMERS ONLY. [PER CHESS ASSOCIATION.] AUCKLAND, June 9. The tightening up of regulations governing the transfer of money from London to New Zealand has practically precluded from participation in the exchange bonus all purely non-trading accounts, including legacies, lottery prizes and private remittances. Recently, a solicitor acting for an Auckland woman found out that her bequest of .£5OOO from the the will of the father in England was not increased by the exchange premium when transferred to New Zealand. The official attitude is that the primary purpose of raising the exchange was to assist the farmers. There yyas never any intention that import of capital should benefit. The Government had undertaken to purchase from the banks only such surplus exchange as arose out of trading- transactions. This has been the policy ever since the exchange rate was raised, but apparently it is being enforced more strictly. . .Each case of overseas legacy is treated on its merits. If the money is to be applied to development purposes such as farming, the premium is paid and the same course is followed in cases of hardship. Revenue, such as interest from overseas investments still receives an addition of 25 per cent.
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Bibliographic details
Greymouth Evening Star, 11 June 1934, Page 11
Word Count
201EXCHANGE PREMIUM Greymouth Evening Star, 11 June 1934, Page 11
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