COMMERCIAL EXCHANGE CONTROL IN INDIA

Greymouth Evening Star, 12 February 1947, Page 4

COMMERCIAL EXCHANGE CONTROL IN INDIA

' LONDON, February 11. “The Indian Central Legislative Assembly passed a finance bill regulating certain payments and dealings in foreign exchange and securities, and the import and export of currency and bullion,” says Reuter’s New Delhi correspondent. “The Minister of Finance (Mr. Liaquat Ali Khan) said the Government intended to continue the practice of allowing payments freely for imports if covered by import licences or on the free list.” I Mr. Ali Khan said the Government had decided that in view of India’s ne w status it was not desirable to include a schedule of territories to

which exchange control restrictions would not apply as this might imply that India wished to continue permanently the system of pooling her foreign exchange which was a feature of the present sterling area arrangements. Provision had been made to enable the Reserve Bank to continue arrangements under which transfers to the United Kingdom and other countries in the sterling area would be freely allowed. STERLING EXCHANGE HELD OVERSEAS (P.A.) WELLINGTON, Feb. 11. Sterling exchange held overseas in New Zealand currency is shown again at a new high 1eve1—£94,633,392, against ‘£94,572,941 the previous week —in the Reserve Bank return for j the week ended February 5. ;

COMPANY NEWS Capel Trust.—Advice from London states that the directors of Capel House Property Trust, Ltd., recommend a dividend of 3? per cent. The books close from March 14 to March 24 inclusive.—(P.A.) Mount Kasi.—Mount Kasi Mines, Ltd., Fiji, proposes to place the company in voluntary liquidation. Some of the assets have been realised but much of the plant cannot be sold locally, and the more valuable parts will be taken to Sydney, the directors state. The mine was reopened last February, but as development did not encourage continuance of operations, the mine was finally closed in August. Mining Shares.—Prices quoted in London are: —North Broken Hill, 54/9; Broken Hill Proprietary, 36/9; New Broken Hill, 33/6; New Guinea Gold, 2/3.