FUNDS FOR IMPORTS.

Auckland Star, Volume LXX, Issue 201, 26 August 1939, Page 7

FUNDS FOR IMPORTS.

RESERVE BANK'S ACTION.

CONTROL MADE MORE ELASTK

(By Telegraph.—Press Association.)

WELLINGTON, this day

The following statement regarding import licenses has been issued by the Reserve Bank: "Now that the initial process ot granting exchange authorities to holders of import licenses is Hearing completion, arrangements are being made to afford as much elasticity in the time of making remittances in respect of individual licenses as can be allowed without departing from the general principles observed in the allocation of exchange. Under these arrangements transfers as regards priority of remittance may be made from any tariff item to any other tariff item in the same category, subject to certain limitations as between one country and another. It must, however, be understood that such adjustments will not entitle a license holder to additional remittances in any month, nor will they entitle him to remit more in respect of any license than the value of the goods covered thereby. Holders of licenses who may wish to avail themselves of tliese facilities should make the necessary arrangements with their bankers."