LYING IDLE

Evening Post, Volume CXXVIII, Issue 4, 5 July 1939, Page 12

LYING IDLE

LONDON FUNDS

IMPORTER'S POSITION

(By Telegraph—Press Association.)

AUCKLAND, This Day

As a result of the refusal of the Customs Department to revise the import licence issued for the second half of the year, a leading Auckland importer is in the position of being unable to make use of £3000 in the foi-m of London funds to y obtain women's handbags and other, leather goods for a chain of New Zealand stores.

The Customs Department reduced the importer's application, being in the case of these goods to a value of £10,432, to a total of £4106, a reduction of 59 per cent, on the same period last year. The importer then asked permission to increase his licensed imports by a further £3000, as the firm had funds to that amount in Londonj The Department decided that no alteration could be made to the licence. A further appeal was then lodged, and after five weeks the Comptroller of Customs stated that the Department's decision could not be altered. As a result the importer cannot use . his overseas funds and will have to contract his business and reduce his staff. He considers that a sharp rise in the price of handbags is inevitable and that there will be demands on local factories which are not equipped to meet them at the present time.