FINANCING OF IMPORTS

Press, Volume LXXV, Issue 22804, 1 September 1939, Page 13

FINANCING OF IMPORTS

DEFERRED REMITTANCES SCHEME I • . ARRANGEMENT WITH TRADING BANKS (PRESS A.BSOCU.TIOV TELIOEAM.) WELLINGTON, August 31. In order to remove as far as practicable certain difficulties regarding the financing ,of imports, the Reserve Bank announces that the trading banks are beirig authorised .on receiving payment in New Zealand currency at the normal due date in. respect of licensed imports, from any country for the period ending June SO, 1840, to sell forward, at .the official rate ruling on such due date, sterling to cover the corresponding amounts of New Zealand currency for which authorities for deferred remittance have been given. ... As exchange authorities have already been issued specifying the months in which Remittances can be assured, importers will now be able to make arrangements fixing the cost to them of obtaining sterling in respect of such deferred, remittances. As already announced, provision is also, being' made to enable licenceholders, by arrangement with their bankers, to make compensating adjustments' as regards priority .of remittance between : any tariff item and any other tariff, item in the same category, subject to certain limitations as to adjustments between one country and another.. QUIETER EXCHANGE MARKET LONDON, August 30. Stock markets opened cautiously, but later showed increasing firmness. Giltedgeds gained upward of one point. War loan was quoted at £B9 15s. Czech and Japanese bonds were better. Conditions remained quieter on the foreign exchange market, closing rates being: New York, 4.38 dollars to £1; Paris, 175 francs, and Batavia 8.17 to 8.23 florins. • NEW YORK MARKETS HESITANT NEW YORK; August 30. The stock market displayed a some-, -what hesitant attitude to-day. Although prices slipped hack, there was nq important liquidation. ' ■ Bonds advanced irregularly. BRITISH WOOL TRADE GOVERNMENT CONTROL IF NECESSARY . LONDON, August 30. The “Financial Times” says that plans have been completed for placing the wool trade under Government control if necessary. Details are not yet available, but it is not expected that there will be any variation from the plan that operated from 1818 to 1820, •