THE LOAN TERMS

Evening Star, Issue 23325, 22 July 1939, Page 11

THE LOAN TERMS

SUM FOR COMMERCIAL IMPORTS INADEQUATE MANUFACTURERS EXPECT PROTECTION (Feb United Press Association.) WELLINGTON, July 21. “The Prime Minister’s statement is in such a form that it is not possible to arrive at a considered opinion on the subject at present,” said Mr ißocke O’Shea, general secretary of the New Zealand Manufacturers’ Association, in an interview to-night. “ The implications of the arrangement between the two Governments can be determined only upon possession of the full details and, until the situation is clarified by the receipt of these, no comment can be made.

“It is, however, satisfactory to note,” *iVlr O’Shea said, “ that the relaxing of the restrictions is to be consistent with the maintenance of sound economic conditions in New Zealand and the Government’s obligations to existing industries. Accordingly, we are in the meantime relying upon the many definite assurances and pledges given in public statements by Mr Savage and members of the Cabinet, of which the following are typical:— “Mr Savage (in January) stated; ‘ We are going on in earnest to build industry in New Zealand. The manufacturers have some idea of what they can expect the Government to do in the way of assisting industry, and they are accepting our word that it is not temporary.’ , . “The Minister of Indutnes and Commerce (Mr Sullivan) stated: ‘lf the manufacturers extended their factories and expanded their industries, they , could do so in the certainty that the Government was not going to change its mind in the policy it had adopted. It was a permanent policy, not one merely adopted to tide over the present position. Even if the overseas situation had not arisen the Government would have started on a policy in some form or other that w.ould have given industries an opportunity for expansion.’ “The Minister of Finance (Mr Nash): ‘lf the New Zealand manufacturers are to expand their businesses they must have security, and the position of our manufacturers will always he safeguarded.’ ” It was interesting to note, Mr O’Shea said, that Mr Savage had concluded an address by stating that “ Now'the manufacturers have taken the plunge in filling the gap created by the import control, the Government would see that they were not drowned and their workers with them.” STERLING CREDITS WELCOME The executive of the Associated Chambers of Commerce of New Zealand met in Wellington this afternoon and to-night, and the following statement was issued on its behalf by the secretary (Mr A. O. Heany): — “The Associated Chambers have been considering the possibility of suggesting a method of easing and simplifying the restrictions in respect to the remittance of sterling and the admission of imports under the Government’s control scheme, but ip. .view of the statements issued by ;the; Prime Minister (Mr Savage) and the Reserve Bank, it Was thought that the proposals should not be advanced at present, though it is still willing, as before, to assist the Government in simplifying the procedure. , - , “ It is noted' with satisfaction that under the Reserve Bank announcement there will be a certainty that sterling will be available on approved dates for approved imports so far as sterling funds permit.” INADEQUATE EVEN FOR HALF-YEAR AUCKLAND, July 21. “ There is no indication as to the period over _ which 'the £4,000,000 for commercial importing is to be spread,” said Mr W. A. Boucher, president of the Bureau of Importers, in a statement to-night. He considered the sum to be inadequate, even for,the period from July to -December, and it would be preposterous if it was intended to extend the money further.