RN. Men In RNZN Don’t Like Change

Northern Advocate, 23 August 1948, Page 5

RN. Men In RNZN Don’t Like Change

WELLINGTON, Mon. (Sp.).—Royal Naval personnel attached to the Royal New Zealand Navy are today bemoaning the fact that New Zealand has brought its pound to parity with sterling. Their reason is sound enough, too. Ever since 1933, when the exchange rate was decided at £NZI2S to £IOO sterling, they have been making money; in some cases big money. This is how it has been done. When New Zealand devalued its pound it was decided to grant to naval personnel on loan from Britain the right to transfer their salaries or pay to the United Kingdom free of exchange. This was designed to prevent hardship being inflicted on those with family responsibilities in the Old Country. GENERAL PRACTICE However, men of the Royal Navy were quick to see their opportunity for making some easy money. Very soon, it became a general practice to send all the pay to Britain and then have it despatched back to New Zealand.

For every £IOO thus sent on a trip round the world, the owner received an extra £25 through the exchange rate

Some high-ranking officers have been making as much as £4OO annually in profit by this means, but ordinary ratings have been in the game, too. New Zealanders working alongside these British naval personnel have felt the pinch, but could do nothing.

Today they are turning a deaf ear to the complaints of those who have suddenly been bereft of an income which they had come to look upon as standard.

For years they have had to foot it with comrades who had much more to spend than they could afford. They are not" wasting any sympathy on them now.