commercial editor of the Financial Times, had some advice, in that paper’s April 9th issue: “For those who want to escape to recover from the Budget”. It appears that “,.. the Bahamas is the place to go, “This is not just because they are without income tax, capital gains tax or land tax; nor because, though some prices are high, those of drink and cigarettes at least are cheap... . “It is because the Bahamas — and the West Indies — being part of the sterling area, are among the few sunny spots where UK residents can buy property without the new rigours of exchange control which Mr. Callaghan has imposed on UK buyers of foreign land and houses. The new villas coming up for sale on Great Exuma Island, for example, can be quite freely bought by anyone with £7,000 or £8,000 of sterling to sell. “The Bahamas and West Indies may now have to absorb some of the British demand for villas in the sun which has been met in recent years by Spain and other countries. “In the past few years the fashion for foreign villas has caught on. Already an acre in central Las Palmas can fetch £4 million and a foot of frontage on to the beach is worth £20. The “popular priced” holiday houses have spread southwards down the Spanish Coasts and many have been bought by the British. The rich have continued to settle for the South of France. To channel British demand to new developments overseas, specialised companies have sprung up in London — Previews Limited for houses in the Canaries, or a company called Spain Only which takes aircraft-loads of prospective buyers to view properties on the Spanish seaside.” Now, it appears that these companies will transfer their activities to such places at the Bahamas. All this goes to show that with the present system the rich can always get round rules and regulations. Only the stringent application of Government action combined with workers’ control can prevent the rich from using their resources to
Jill Westby
THE WEEK — April 14, 1965