TRANSFERS OF CAPITAL
A MINISTERIAL EXPLANATION EFFECT OF EXCHANGE RATE (Per United Press Association) WELLINGTON, April 10. At the opening of the Prudential Building to-day the Minister of Finance (Mr J. G. Coates) said that during 1933-34, while the Banks Indemnity Exchange Act was in operation, restrictions were placed on the transfer of capital to New Zealand from London. Cases were considered on their merits, and some transfers were allowed within the scope of the Act at the fixed rate of exchange. Approval was given during 1933 for the transfer of up to £60,000 from London for the purposes of the Prudential Building, provided the remittance was spread and brought out as and when required for progress payments on the building. No information was available as to the extent to which this authority was exercised. In August, 1934, when the Reserve Bank took charge of the exchange rate, all restrictions on transfers of capital ceased, but no material alteration was made in the rates of exchange. Thus, even if this authority was exercised, as it turned out, no benefit accrued to the society in the erection of the building.
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Bibliographic details
Otago Daily Times, Issue 22544, 11 April 1935, Page 10
Word Count
189TRANSFERS OF CAPITAL Otago Daily Times, Issue 22544, 11 April 1935, Page 10
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