NEW DEVELOPMENT

Evening Post, Volume CXXVIII, Issue 16, 19 July 1939, Page 19

NEW DEVELOPMENT

IMPORT CONTROL

BRITISH FIRM'S ACTION

(By Telegraph—Press Association.)

AUCKLAND, July 18,

Notifications of a new development resulting from import restrictions, was received by an Auckland firm today

from the agents for a British firm of felt and paint manufacturers. It was that no orders on hand or to be made in the future would be shipped till advice was received that sterling exchange could be paid in London.

Explaining the effect of such a decision, the principal of the Auckland firm concerned stated that the goods imported were bituminous roofing felts and similar products,. which were imported into New Zealand at a rate of about £50,000 worth a year. They were constantly in use by builders, and were even necessary for Government houses. At present they were not manufactured in New Zealand. His firm had obtained the necessary import licences from the Customs Department.

In the-past the practice for payment was either on delivery in New Zealand or through the London buying house. Now,- unless his own firm had credits of their own in London, the goods could not be imported. It was not permissible to send money out of. the country till the goods had arrived in New Zealand, so no credits could be sent in advance from New Zealand, and, since the English firm would not export till sterling exchange was available in London, the position was stalemate. a