DOLLAR MARKET FOR N.Z.

Press, Volume LXXXVI, Issue 26198, 23 August 1950, Page 6

DOLLAR MARKET FOR N.Z.

SURVEYS MADE BY GOVERNMENT

Minister speaks of prospects (From Our Parliamentary Reporter.) WELLINGTON, August 22. Surveys for a number of New Zealand manufactured products which might offer prospects in North American markets have been made by tne Department of Industries and Com-me-.ee through its Trade Commissioners in the United States and Canada. The surveys have included wallboara, sheepskin mats, certain leather goods, canned . crayfish' tails, rabbits, ana whitebait, preserved ginger, rennet, lactose, malt extract, woollen goods, olein oil, and wool-processing machinery. - ' . Reference to these surveys, some or which have been successful, was made by the Minister of Industries and Commerce (Mr C. M. Bowden) in an interview to-day on the prospects or New Zealand increasing her earnings in hard-currency countries. He said that New Zealand’s ability to earn more dollars and other hard currencies so that she could assist in overcoming the sterling area’s balance-of-payments difficulties was necessarily limited, as her major export items were primary products. “New Zealand's most effective contribution to the sterling area has been the supply of essential food to the United Kingdom, which has enabled purchases from hard-currency sources to be’reduced,” said Mr Bowden. “To the extent permissible under the bulkpurchase contracts with the United Kingdom the maximum amount of New Zealand butter and cheese has been sold in hard-currency markets.

“Primary products, however, are not the only goods offering scope for increased hard-currency earnings. New Zealand industries are becoming more effective, and there is a limited range of secondary products and manufactured goods offering prospects for sales in hard-currency countries. “Frozen crayfish tails, sausage casings, ’Casein, and dried , and preserved milk are being sold in the dollar area, and exports of some of these goods could be expanded considerably if production could be increased. The range of manufactured goods which N>w Zealand can offer competitively in hnrd-currency markets is relativelv small. The sterling devaluation last year, however, provided New Zealand’s manufacturers’ and exporters with greater opportunities of competing in dollar countries, particularly with manufactures based on the use of local raw materials.

“One function of my department is to assist manufacturers and exporters to maintain and develop their export trade.” said Mr Bowden. “Particular attention has been given to the possi* bilities of developing gales in the dollar area, and information on market conditions in the United States and Canada is available to any businessmen interested. If manufacturers are able and wilHng to 1 help to expand New Zealand’s exnorts to the dollar countries they will be given every facility by my department.”