PROTECTION FOR N.Z. YARN

Press, Volume C, Issue 29682, 28 November 1961, Page 21

PROTECTION FOR N.Z. YARN

Duty Claim (N.Z. Press Association) DUNEDIN, November 26. In the absence of import licensing, 15 per cent, duty was quite inadequate to protect New Zealand’s extensive yarn making industry from imports from Hong Kong and other low cost countries, the Mosgiel Woollen Factory, Company, Ltd, chairman (Mr J. S. Sinclair) told the annual meeting of shareholders. Mr Sinclair was referring to the new Customs tariff that will operate from July 1 next year. While the duty on woollen piece goods remained the same, the duty on woollen yarn had been reduced by 7j per cent, to 15 per cent. “The production of yarn in our mill necessitates the most expensive plant in the mill, in addition to which it requires double the staff that is required to process that yarn into fabric. ’’While our present adverse balance of overseas trade continues, I fully appreciate import licensing will provide us with certain protection; but as the revised tariff is to take care of industry when import licensing is discontinued I know you will agree with me when I condemn this reduced tariff as being totally insufficient,” Mr Sinclair said.