RESTRICTING REMITTANCES
Sir, —There have been rumours .that restrictions have been placed on tho sale of exchange—in other words, upon remittances of money abroad. Mr. Is ash has denied the truth of these rumours, but in doing so has not been candid about the position. His denial is based on tho fact that under "The Reserve Bank of New Zealand Act the bank has 110 power to refuse to sell sterling," so tho rumours cannot be true. He also says this provision is "in full forco and effect." Tho Minister has failed to mention that ho took powers to suspend, absolutely or subject to such conditions as ho thinks fit, tho. power of the bank to refuse. The correct answer to the question whether restrictions on remittances abroad had been imposed would have been: "I, as Minister of Finance, have absolute power to impose restrictions, but 1 have not done so. The rumours aro not correct." Mr. Nash appears to wish the public believe that tho bank hae no power to refuse to remit money and has concealed the fact that he has power to forbid it if he wishes. Ajax.
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New Zealand Herald, Volume LXXV, Issue 23137, 8 September 1938, Page 17
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191RESTRICTING REMITTANCES New Zealand Herald, Volume LXXV, Issue 23137, 8 September 1938, Page 17
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