TO BUY MUNITIONS
USE OF SECURITIES AUSTRALIAN ARRANGEMENTS CONVERSION PROPOSALS (By Telegrapn.—Pres*. Association^ WELLINGTON, Friday New Zealand-owned securities invested in Australia are likely to be converted and used for the purchase of war materials. The purchases are being arranged by the commission to Australia headed by the Minister of Supply, the Hon. D. G. Sullivan. Asked to confirm the report of the use for the purpose of New,. Zealandowned securities domiciled in Australia, the Minister of Finance, the Hon. W. Nash said: “They are likely to be used for the purchase of munitions, because of the fact that we have no funds in Australia and have not had any. Otherwise we would have to get funds from Britain to buy in Australia. It will be a long procedure before we can decide how the securities are to be taken over. Several cablegrams have been received and negotiations are proceeding with the Australian authorities.” Authority was taken under the finance emergency regulations for the Government, through the Reserve Bank, to acquire at current market prices overseas securities held by New Zealand residents.
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Waikato Times, Volume 127, Issue 21157, 5 July 1940, Page 6
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181TO BUY MUNITIONS Waikato Times, Volume 127, Issue 21157, 5 July 1940, Page 6
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