EFFECTS ON INDUSTRY

Press, Volume CI, Issue 29770, 13 March 1962, Page 16

EFFECTS ON INDUSTRY

‘Steady’ Policy Applauded

( NZ. Press Association) WELLINGTON, March 12. “The new import licensing schedule will require a considerable amount of detailed study before we can tell how it will affect each individual industry,” said Mr T. E Bower, president of the Manufacturers’ Association, today. “It has been gratifying that the Government has not resorted to crash tactics as a means of restoring balance to the nation’s economy

“We have advocated a ‘steady-does-it’ policy, and it is now apparent that the adoption of this course has been to quite a large degree effective. Admittedly, some manufacturers have felt some chilly winds, but to our knowledge the general pattern has been of uninterrupted production. "New Zealand’s import trade cannot get back to a normal basis until there has been a considerable improvement in the level of overseas reserves,” Mr Bower said “We must build up our overseas funds to a reasonable level before there can be any further easing in our import licensing position, and to do this could involve a tight licensing policy for some time to come.

“A positive approach is to try to earn more overseas exchange by increasing the range and volume of our exports.”

“SHORTAGES LATER”

Mr S. Moses’ View (N.Z. Press Association I WELLINGTON. March 12 The new import licensing schedule is not as generous as some hoped for. and not as niggardly as some feared,” said Mr S. L. Moses, president of the Associated Chambers of Commerce, tonight. "While the figure of £350 million for the period is not as large as would Instil a feeling at confidence in the business community generally, it is probably as much as the country could afford, bearing in mind the present level and future indications of our export earnings, as well as the fact that borrowed funds are being brought in to finance this level of importation"

References nad been made to stockpiles in the country but there would, undoubtedly be shortages of some goods later in the new licensing period because the present stock position was running down.