IMPORTS OF TRACTORS

Press, Volume LXXXIV, Issue 25548, 16 July 1948, Page 6

IMPORTS OF TRACTORS

FARMERS’ PROPOSAL TO BE DISCUSSED

STATEMENT BY MR NASH (P.A.) WELLINGTON, July 15. Import licensing, with particular reference to farm tractors, was the main topic of the speech by the Minister of Finance (Mr W. Nash) in the House of Representatives this evening. He ssid the proposal of Federated Farmers for financing American tractors would be discussed.

Mr Nash said licences issued up to June 15, tor 1948, were for a value of £121.500.000, compared with £65,000,000 in 1938. While* it was not expected all these goods would arrive, there was every likelihood that goods to the value of about £110,000,000 would be received.

Mr Nash said there had been a lot of talk about insufficient licences for tractor imports. In 1938 licences for tractors were to the value of £806,000. Until about a month ago, 1948 licences issued were for a value of £2,851,604. This included tractors from Britain and the United States. More American Imports There had been pleas that insufficient licences were available for tractor imports ‘from the United States, and about six weeks ago it was decided to make another 1,000,000 dollars available for American tractors. This made the total value of tractor licences this year £3,157,000. Mr Nash said licences were issued on the condition that wherever possible tractors be imported from the United Kingdom. There had been requests for more licences or imports of four-furrow tractors. He thought 147 such tractors had been offered to New Zealand importers and licences had been issued for 106.

Mr Nash said he would be glad to discuss early next week with representatives of Federated Farmers, their proposal for further imports of American tractors under a special scheme. He wished to make it clear, however, that there was no arrangement with any bank in the United States for a loan of dollars to New Zealand at any stipulated rate of interest. He understood there was talk of a loan to an organisation if the Government would guarantee it. After the discussion with the Federated Farmers it could be determined whether New Zealand should be borrowing dollars from the United States or using dollars Britain could use. Mr Nash said that if more tractors became available from the United Kingdom licences, would be issued accordingly.