NO CONCESSIONS
FINA NCE FOR»PRUDENTIAL ASSITR A NICE BUT I7DING. Afll COATES EXPLAINS POSITION (Press Association). WELLINGTON, Apt. 10. In opening the Prudential Building today, the Rt. Hqh ;J. G. Coate-s said that during 1933-34, while th c Banks Indemnity Exchange. Act was in operation, restrictions avert: placed an the transfer of capita/ to- New Zealand from London. Cases wore considered on their merits, and'some transfers ivere allowed withm the scope of thc Act, i.e., at the fixed rate of exchange. Approval war. given (Yilring 1933 for- tho' :transfer of up 'to £60',000 from London for the purpose of the Prudential' Building; provided the re-mittance'-was -'spread and brought oa.lt ‘as and when required for progress payments on the building'. No information avas available' as to the extent io A which, this Authority was exerciso.d, > : • In" 'August. 1934, when th-e- Reserve Bank took charge of ’ tho exchange rate all restrictions on transfers of capital censed; but - no material alteration was ; made in the rates of .exchange-. -Tlius ,: oven if this authority .was exorcised,' as it, turned cut no benefit accrued' to the society in the erection 'of the building.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/GIST19350411.2.33
Bibliographic details
Gisborne Times, Volume LXXXII, Issue 12526, 11 April 1935, Page 5
Word Count
188NO CONCESSIONS Gisborne Times, Volume LXXXII, Issue 12526, 11 April 1935, Page 5
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