WATCHES AND NEW TAXES

Dominion, Volume 23, Issue 257, 26 July 1930, Page 7

WATCHES AND NEW TAXES

.Trade Perturbed Following upon the announcement of the new taxes the New Zealand Retail Watchmakers’ and .Jewellers’ Association held a meeting in Wellington, presided over by Mr. 11. Conway. The extra duties imposed on watches came under consideration, the conclusion being that the new duties would seriously cripple the trade. It was stated in respect to the matter of preference that the difference between English and foreign duties on watches would be inappreciable, as on last year’s importations English watches to the value of only £2343 were imported, as against £103,096 paid for foreignmade watches. The English quota of the whole, therefore, was only 2 per cent. This meant that any preference to English watches was absurd —for the simple reason that England could not supply. The result of the.new tariff, it was stated, would be that cheaper watches would be imported. As the average value of watches bought now was only about 10/-, it meant that watches even cheaper than that would be bought. In the case of a man who held £lOOO worth of watches in stock, it would mean that to replace that stock he would have to find £1370. He simply could not do it, taking into consideration the way things were in the trade. It was stated that the trade generally had been depressed for the last four or five years, and the blow came when it was least able to bear it. The trouble with the trade, as far as watches were concerned, was that they had to place their orders nine months ahead, and all orders for 1931 delivery had been already placed. How individual traders were going to find the money could not be stated. In the opinion of those present the tariff was completely crippling. At the conclusion of the meeting it was decided to forward a letter to the Prime Minister setting out the association’s case.