EXCHANGE IN 1941.

Auckland Star, Volume LXXI, Issue 309, 30 December 1940, Page 4

EXCHANGE IN 1941.

OUTSTANDING SUMS.

TRANSFER PROCEDURE.

(P.A.) WELLINGTON, Sunday. The Reserve Bank announces the procedure arranged for dealing with exchange allocations outstanding at the end of the current year. On January 1, 1941, all outstanding exchange allocations in respect of third and fourth period import licenses will be cancelled—including allocations for months in 1941. This provision is not intended to deprive im|Hirters of exchange allocations which arc still required in respect of goods actually admitted under third or fourth period licenses before January 1, 1941, and the trading banks are accordingly being authorised, if requested before January 21. 1941, by the importers concerned, to reinstate such allocations or, where applicable, to carry them forward from 1940 to 1941. This applies to third party certificates as well as to exchange authorities.

An important stipulation is that no allocation on a third or fourth period exchange authority or third party certificate may be used to cover any remittance in respect of goods admitted under a fifth period license. Remittances in respect of goods ordered under third or fourth period licenses but admitted in 1941 under fifth period licenses will, of course, be provided for in the relative fifth period exchange authorities unless remittance has been made prior to January 1, 1941, under third or fourth period exchange authorities or third party certificates. In the latter case the amount applied for under fifth period exchange authorities should be correspondingly reduced.

It is explained by the Reserve Bank that the above procedure is oc *ioii<d partly by the expiry of third ai: ! fourth period licenses on Deceinlier 31. 19-10. and partly to provide a basis for the bank to deal with fifth period allocations to the best advantage of all importers.