EXPORT CREDITS

Evening Post, Volume CXXVIII, Issue 18, 21 July 1939, Page 10

EXPORT CREDITS

FACILITIES GRANTED

IMPORTS FOR N.Z.

The Prime Minister also announced that the United Kingdom Government has agreed that facilities of the Export Credits Guarantee Department would be made available to assist in financing of imports of United Kingdom origin and that credits up to £5,000,000 sterling would be made available on approved conditions foi purchase by the New Zealand Government. Short-term export credits facilities up to an amount of £4,000,U0i» sterling would also be made available under suitable conditions to cover approved exports from the United Kingdom to importers in New Zealand other than the Government.

PAYMENT IN STERLING.

"This means importers holding licences can be assured that, provided they pay the equivalent New Zealand currency for imports at date due, the obligation to pay the United Kingdom exporter in sterling will be accepted by the New Zealand Government as sterling funds are available," said Mr. Savage.

"The United Kingdom Government Exports Credits Guarantee Department has made arrangements undet which United Kingdom exporters wili be protected by means of a guarantee which will ensure their receiving sterling at the expiry of a reasonable period from the date of payment in New Zealand."

CONVERSION LOAN.

In regard to the conversion of the £17,000,000 loan, the Prime Minister stated that he was in receipt of advice from Mr. Nash that the negotiations were proceeding satisfactorily.