CREDITS SOUGHT.

Auckland Star, Volume LXX, Issue 99, 29 April 1939, Page 14

CREDITS SOUGHT.

FOR BANNED GOODS. IMPORTERS' ACTIVITY. MAINTAIN trade links. Efforts by Auckland firms to arrange for the financing of prohibited imports without drawing upon New Zealand's overseas sterling funds have involved numerous cables and telephone conversations with their principals in England and elsewhere during the past few days. Considerable inquiries have also been made at the office of the Customs Department in Auckland to ascertain the possibilities of continuing the importation of goods placed on the banned list. Although it cannot be assumed that license#) to import will be granted automatically in cases where finance is arranged independently of the exchange funds of the New Zealand banks, it is generally expected that applications made under such conditions will be successful. Only where competition with local manufacturing industries is likely to have detrimental effects is difficulty expected to be encountered. If the output of local factories is equal to only a portion of the demand the question of competition is unlikely to arise. In arranging accommodation through other than banking channels, it is stated, overseas firms with branches in New Zealand have a definite advantage over other importers, and in some instances the exchange problem has been solved fairly quickly. Indications point to a tendency to use the proceeds from the sale of imports for the extensions of overseas industrial and commercial interests in the Dominion. Inquiries to-day revealed that a wide range of goods was covered by the negotiations at present in progress, and generally tlie importers were in' the hands of their overseas principals in endeavouring to solve the problem. The most encouraging phase was the desire of English and other manufacturers to assist to the maximum possible extent in maintaining valuable trade connections.