N.Z. TRADE WITH BRITAIN

Press, Volume LXXXIII, Issue 25346, 20 November 1947, Page 10

N.Z. TRADE WITH BRITAIN

SIR PATRICK DUFF’S VIEWS DOLLAR CONSERVATION From Oui Own Reporter WELLINGTON, November 19. “New Zealand must reduce her dollar expenditure to an absolute minimum,” said the High Commissioner for Great Britain (Sir Patrick Dpff) on his return to Wellington to-day. “At present New Zealand spends more dollars than she earns, and the deficit has to be financed out of the sterling area’s common dollar pool. “The United Kingdom is most anxious that New Zealand, within the limits of reasonable requirements, should take as much as possible from her. It is hardly necessary to elaborate the importance of developing markets to United Kingdom industry at a time when the United Kingdom can pav its wav only by devoting an increasing proportion of her resources to production for export. “Moreover, the United Kingdom has no wish to interfere with essential supplies to New Zealand if this can be avoided (on the contrary she has done, and will continue to do. her utmost to meet them), particularly where this would affect the production of foodstuffs in New Zealand, or would make it necessary for New Zealand to buy from dollar sources.

“At the same time it is in the interests of New Zealand herself as a member of the sterling area that as much as possible of the United Kingdom’s export capacity should go to reduce the dollar deficit, and there may be occasions when for this reason supplies offered by the United Kingdom are limited.”