OVERSEAS SECURITIES

New Zealand Herald, Volume LXXVII, Issue 23708, 15 July 1940, Page 10

OVERSEAS SECURITIES

Sir, —This latest edict in reference to "foreign" securities—is it not to deprive Hritish subjects of British holdings? Where does "foreign" come in? The returns, with regulations thereon, merely state that the unfortunate British foreign security holders are to he deprived of their possessions for the good of New Zealand, i.e., the good of New Zealand as the Labour Government and its associated unions deem it. Xo mention is made of a war purpose. Financial emergency is the heading. After many months we well know this —and the reason why. When our real sterling resources are lost to us — what redress have we? Is this British justice? In clause 5 it is stated our securities are to be arbitrarily transferred to the Reserve Bank or to such persons as the Minister sees fit. Who may these be? Are not the present holders fit persons to possess their own British securities after many years of ownership? Is it now disloyal for a resident of New Zealand to have English stocks, although being personally of English stock? Dire penalties are "fixed, but no time limit is mentioned for the confiscation. Are all future inheritances to be treated thus? Have all future New Zealand nest eggs to be put in one basket, namely, the Labour Government basket?

How confidently we could give our all if we were allowed a truly representative Government, as other nations of the Commonwealth have been able to get since the outbreak of war. These misgivings and questionings would not then arise. If there was the prospect of equal sacrifice for the war crisis what a rallying there would be. Gone are the hopes of a lonely woman of one day returning to the Motherland and spending her old age among her own folk —in a country Avhere_ at this darkest zero hour equal sacrifice and justice for all proudly prevails above the common danger. British Mothek.