State Takes Complete Control of Transfer of N.Z. Overseas Money

Northern Advocate, 19 December 1938, Page 8

State Takes Complete Control of Transfer of N.Z. Overseas Money

AUCKLAND, This Day. fpHE TRANSFER OF ALL NEW ZEALAND MONEYS OVERSEAS WAS TO-DAY PLACED UNDER COMPLETE CENTRALISED CONTROL, UNDER WHICH APPLICATION FORMS MUST BE MADE OUT TO COVER EACH TRANSFER. : These will be submitted to the Secretary of the Treasury, in Wellington. All the trading banks have been supplied with the necessary forms, and applications which have been temporarily held up were forwarded without delay. \ Applicants for permits to remit moneys to other countries are required to state, in addition to their occupation and address, the name of the person to whom the remittances are to be made, and whether any moneys are already held to the applicant’s credit in the country mentioned. Particulars are also required of the purpose for which the money is to be used. All applications must be supported by a statement from the manager of the bank through which it is proposed to remit'the money.

Funds For Tourists. For sums not exceeding £lO, this procedure is not necessary. It is expected that the Treasury authorities will be guided to a considerable extent by the advice of bank managers, and that normal requirements of funds will be fully met. Tourists who have had difficulty during the past 10 days in obtaining sufficient money for overseas travel should find their position easier, according to Auckland bank officials.

A number of travellers who left New Zealand recently for Australia, with only £25 in their pockets, left instructions with their banks to apply for additional money as soon as the procedure was determined. This money will be remitted immediately the formalities have been complied with.

The impresson in some quarters that tourists will be allowed only £25 for Australian tours is without foundation. No limit has been set to individual requirements, but the Treasury will authorise whatever appears to be necessary according to the duration of the tour and the circumstances of applicants. Authority for the transfer of remittances made periodically, such as dividends and payments on estates, will be required to be obtained for one yeai’.