N.Z. IMPORT POLICY

Press, Volume LXXXV, Issue 25765, 29 March 1949, Page 4

N.Z. IMPORT POLICY

Undertakings In

1939

RELEASE GRANTED BY BRITAIN The United Kingdom Government has released New Zealand from the undertakings and assurances qualifying import control given by the Minister of Finance (Mr Nash) in 1939. This decision was announced yesterday by Mr Nash, who said that at the request of the New Zealand Government these undertakings had been under review by the British Government. The undertakings and assurances given by Mr Nash were incorporated in a memorandum signed by himself and the president of the Board of Trade (then Mr Oliver Stanley) when the British Government agreed to provide £9,000.000 credits for New Zealand, £5,000,000 to finance New Zealand Government imports, and £4.000,000 to finance other imports. At the time New Zealand’s sterling funds were depleted and import licensing had just been introduced. In addition, a £17,000.000 London loan was coming up for renewal. In the negotiations with Mr Nash in London consideration was given to New Zealand’s defence expenditure in the light of the unsettled outlook in Europe. Mr Nash said yesterday that the decision of the United Kingdom Government was appreciated, reports the Press Association. Changed conditions in all countries and the circumstances of war made it necessary to maintain control of Exchange and of imports. “Nevertheless, as will be fully recognised, it has been the policy of the New Zealand Government, within the limitations imposed by such economic conditions ana agreements with other: countries, to assist the United Kingdom in securing a maximum share of our import trade,” said Mr Nash. “I think it will be agreed that all that is possible has been and is being done to ensure trade with the United Kingdom to the fullest extent practicable, consistent with the maintenance of sound economic conditions in New Zealand.”