PAYING FOR IMPORTS

Evening Star, Issue 23292, 14 June 1939, Page 8

PAYING FOR IMPORTS

NO DIFFICULTY IN OBTAINING STERLING EXCHANGE EXPERIENCE OF WELLINGTON MERCHANTS WELLINGTON, June 14. Although there is a general impression that some firms are experiencing difficulty in obtaining the necessary sterling exchange to pay for imports for which licenses have keen granted, fairlv extensive inquiries by an ‘ Evening Post ’ representative during the past two or three days have failed to disclose one actual case of a merchant who h-as had a personal experience of being refused sterling accommodation. Even organisations in touch with all sections of the business community could not quote one concrete example. An importer operating on an extensive scale said his company had no difficulty in obtaining exchange for all reasonable requirements. However, in the case of a request to the banks to negotiate a three months’ draft on India, which would not normally bo until about November, the bank had replied that in the present circumstances it could not look so far ahead, but would negotiate a draft if it could be made a sight draft. This his company had' decided to do, and the transaction had accordingly been put through.