Local and General.

Franklin Times, Volume XXIX, Issue 19, 19 February 1940, Page 4

Local and General.

Value of Goods Inflated. An indication of the finance problem associated with overseas trade is disclosed in Ihe experience of a Te Awamulu business man who imported a shipment of goods last August,.but who was only last week able to conclude the transaction. Jn August — August. 2, to lie axact —lie paid to his liankers Hie amount necessary to up--1 iII Hie doeumenls, Ihe conversion rale being then 4.<5<5 dollars to Hie New Zealand pound. II was not until six months Inter Ihai. Reserve Bank credit could be obtained —actually on January 10-—Hie conversion rale being then 3.97£ dollars to the pound, and the difference had to be paid by Hie importer. The effect was to inflate the value of the goods no less than 17.1 per cent, since the date of their importation in August and Hie final payment in January.