LONDON FUNDS

Evening Star, Issue 23525, 14 March 1940, Page 15

LONDON FUNDS

-HOARDING BY GOVERNMENT " RELAXATION OF IMPORT RESTRICTIONS ’ URGED The returns just published show ■terling exchange at £20,000,000. 'Add to this the £5,000,000 arranged by Mr Nash for the purchase of defence requirements, and New Zealand should have approximately £25,000,000 London funis, according to a statement issued by the Bureau of Importers. “ The reason given by the Government for the imposition of the import control regulations in December, 1938, was the shortage of London funds, which then stood at about £6,800,000, With over £20,000,000 sterling, the Bureau of Importers considers that, instead of hampering the importation of necessities, the Government should now modify the regulations and enable the people of New Zealand to secure many of the goods which they are to-day denied. The shortages cover a very wide range of necessities, such as matches, macaroni, canned fruits, canned fish, certain driW fruits, clothing, hosiery, boots and shoes, hardware, electrical appliances (such as lamps, heaters, vacuum cleaners, etc.), industrial machinery, etc. .“ Employers and employees engaged

in the distributive trades see the closing of their businesses and unemployment in the near future. Something should therefore be done by the Government at an early date to meet the very critical situation. We urge that Ministers of the Crown give the present and future positions careful consideration, and endeavour to devise * some means which will improve conditions for the public, employers, and employees alike. With the improvement in the sterling now available in London (over £20,000,000) surely some relaxation in the import control regulations is now due.”