LUXURY GOODS.

Auckland Star, Volume LXIX, Issue 282, 29 November 1938, Page 11

LUXURY GOODS.

. IMPORTS FROM BRITAIN.

LIMITATION TO SAVE FUNDS. (From Our Correspondent.) NEW PLYMOUTH, Monday. Circulated to New Plymouth importers by the local manager of the Bank of New Zealand a letter states that he has been instructed by his head office to adviee importing customers as follows: "In view of the unduly heavy volume of imports in relation to exports, the Dominion's London funds have been steadily running down, and it is essential that imports should be severely restricted in order that a eound trade balance be restored.

"We desire to inform your importing cuetomere that they should heavily curtail their importations, particularly of luxury goods. ~ It should be emphasised that only immediate trade requirements, must be ordered and that transfers of funds overseas to meet future purchases will not be permitted. "I ehall be glad of your co-operation in carrying out thcee instructions, thereby assisting me. to correct the position, which is looked upon in a very serious light by my principals."

It was stated' to-day that no similar circular had been ieeued in Auckland, but the trading banks have for some time been endeavouring to put a check on superfluous imports by limiting the amounts of drafts on London.