FINANCE CHARGES

Waikato Times, Volume 127, Issue 21217, 13 September 1940, Page 6

FINANCE CHARGES

ACTION BY ATTORNEY MONEY SENT ABROAD PURCHASE OF STERLING (By Telegraph.—rress Association) WELLINGTON, Friday Breaches of the Finance Emergency Regulations were alleged against Robert lan Malcolm Sutherland. solicitor, and Norman John Suckling, manufactuer’s representative, who were jointly charged in the Magistrate’s Court today with being parties to a transaction involving the conversion of New Zealand currency into sterling currency at a rate of exchange other than the current rate, with making payment in New Zealand as consideration for receiving payment outside New Zealand, and with dealing with money payable outside New Zealand as consideration for receiving payment in New Zealand. Sutherland was charged alone with sending money out of New Zealand without the permission of the Minister of Finance. Both pleaded not guilty. Part of their defence was that the informations did not disclose any statutory offence. The charges were heard together. Alleged Transaction It was stated for the Crown that the facts were that a Mr S. J. Haydon, who went to live in California because of his wife’s health, was given permission by the Reserve Bank to transmit to San Francisco £IOOO in February and six amounts of £IOO eaoh in April, June, August, October, November and December. Sutherland was attorney in New Zealand for Haydon, and on April 30 was informed by the Union Bank of Australia that it was the last day on which the April permit was available. Having no funds available on Haydon's account, he arranged an illegal transaction with Suckling whereby Suckling paid £IOB for the £IOO, which was equivalent to £BO sterling. Sutherland banked the £IOB to Haydon’s credit and endorsed a draft with the signature of Haydon. It was despatched by Suckling to his principals in Yorkshire, Suckling asking that £BO sterling should be placed to his credit in England. (Proceeding)