Racket Alleged By Mr. Nash In Non-Remittance Licences To Get Funds
PARLIAMENT BLDGS., Last Night (PA).--The acting Leader of the Opposition (Mr Nash) speaking in the House of Representatives today and discussing an answer to a question in which' the Minister of Customs (Mr Bowden) said that applicants for nonremittance licences must testify that they had not paid more than official exchange rates for their overseas funds, said he knew of a man who had confessed to paying a 20 per cf|it. premium to get overseas funds. In other cases shares worth only 54s in London were being bought in New Zealand for 70s, merely to get the right to London funds. The Government should take steps to stop this racket. It. had not been necessary to make non-remittance licences available. They were being used for imports the country did not need. The Reserve Bank could havu bought .overseas securities owned in New Zealand and the funds could have been used to augment the usual licences.
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Wanganui Chronicle, 9 November 1950, Page 5
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166Racket Alleged By Mr. Nash In Non-Remittance Licences To Get Funds Wanganui Chronicle, 9 November 1950, Page 5
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