CANADIAN TRADE AGREEMENT

Press, Volume LXXVII, Issue 23444, 26 September 1941, Page 6

CANADIAN TRADE AGREEMENT

- RENEWAL ANNOUNCER BALANCE NOW FAVOURS NEW ZEALAND (P.R.) WELLINGTON, Sept. 25. The trade agreement between Canada and New Zealand, whieh is due to expire at the end of this month, will continue in force until the expiration of six months from the date on which either country shall have given to the other notice in writing of its intention to terminate it. The Minister, for Customs (the Hon. W. Nash) announced the new arrangement to-day. The agreement was entered into in May, 1932, the original term being for one year. It has since been modified and extended from time to time for further periods- of one year each. “Because it is extremely improbable that opportunity will arise during the war period of undertaking a general revision of the agreement, the Governments of Canada and New Zealand consider,’’ said Mr Nash, “that it would be advantageous to both countries lithe agreement were to continue In force for an indefinite period, subject to six months’ notice of termination, and this course has now been followed.” Over recent years the balance of trade between the two countries had been considerably in favour of Canada, but owing to the reduced imports of motor vehicles, tyres, hosiery, and apparel and the increased exportsof New Zealdn produce to Canada, the' balance of trade for the first seven months of the present year had changed in favour of New Zealand by a small margin. When trading conditions became normal, it would probably be necessary to review the agreement.