EXCHANGE CONTROL

Greymouth Evening Star, 9 December 1938, Page 7

EXCHANGE CONTROL

LIST OF EXEMPTIONS

INDIVIDUAL CONCESSIONS

[FEB PBESS ASSOCIATION.]

WELLINGTON, December 8. Under the import control regulations just issued, the follow ng exceptions from the requirements of. a license are gazetted to-night. Goods which were on boai d ship for export to New Zealand on Decembei 5 1938 ’Goods which were ordered before December 5, 1938, and which are imported into New Zealand not later than December 31, 1938. Bona fide gifts and goods, not exceeding £lO in value (New Zealand currency), in respect, of any one importation, imported per post by persons for their own use, and not for the purposes of sale or business. Goods imported for exhibition at the New Zealand Centennial Exhibition, and entered to bq the exhibition bond. Goods being the property of the Crown in respect of the Government of New Zealand. Goods referred to in sections 139, 140, and sub-section 2 of section 141 of the Customs Act, 1913; also goods included under the following items of the customs tariff:— Heirlooms not exceeding in value £lOO on such conditions as may be approved by the Minister. Natural-history specimens and such ethnological or similar specimens as may be approved by the Minister. Official supplies, uniforms, flags and such other articles as may be approved by the Minister for the official use of consular officers, trade commissioners, or other accredited representatives of any British or foreign government. Passengers’ baggage and effects which are not intended for any other person or persons, or for sale. Shipbuilders’ models of vessels suited only for exhibition. Models of inventions as may be approved by the Minister.

EXPORTS

Under tho export- licenses regulatios, the following goods are to be subject to the regulations, according to another Gazette notice: —Scrap metal, and gold exported through the post office. / ' The following goods shall, for the s time being, not be subject to the regulations: — Bona fide gifts. Goods being bona fide passengers’ baggage and effects. Goods exported temporarily for re- ' paid and return. Goods exported to the South Sea Islands, provided that the collector is satisfied that the quantities so exported are not in excess of the usual • quantities shipped by the exporter' concerned.

OVERSEAS PASSENGERS.

CHRISTCHURCH, December 8.

“If a request is made for a sum reasonably sufficient to meet any ordinary expenditure for a trip overseas, then it will he made available.” This assurance was given by the Minister for Finance (Hon. W. Nash), to-night, in a. telephone interview with “The Press,” when reports, that restrictions on drafts by trading banks and money orders from the Post Office would prevent, persons from travelling abroad were referred tc him.

“He can get some money—any reasonable sum that he wants,” said Mr Nash. “The money must be wanted for his own expenses and not for other expenditure.” NO COMPULSORY LOAN WELLINGTON, December 8. An emphatic denial of a report that the proposed internal loan to meet public works expenditure was likely to be compulsory was given to-day by • the Prime Minister (Mr. Savage), who said compulsion was quite unnecessary in a country like New Zealand. Mr. Savage said the Government’s monetary policy was to use the savings of the people, plus the public credit, for the development of New Zealand. His opponents had used it against him when he talked about using the people’s savings, alleging that they would be commandeered. “But my opponents knew better than that,” he added. “We will borrow the people’s savings and pay a decent rate of interest, and their investment will be as safe and perhaps safer than overseas. I know people who are prepared to get a scare going because of the Government’s policy; but it is the curious brand of patriotism that the same people have been indulging

in within the last few weeks.” ' RESERVE BANK. A further fall of £627,446 in the, sterling exchange holding of the Reserve Bank is shown in the bank’s re- ; turn for the week ended December 5. The reserve stands now at £4,200,856 in New Zealand currency. AUSTRALIAN COMMENT. — (Received December 9, 8 a.m.) SYDNEY, December 8. Official advice of the New Zealand Government’s orders-in-council, dealing with licensing of exports and imports, was received by the New Zealand Trade Commissioner at Sydney, today. Professor Hytten, economic adviser to the Bank of New South Wales, com-! rnenting on the situation in New Zea-| land, declared the most obvious way] of carrying on would have been simply] to have allowed the exchange rate to go’ to a higher figure. This would have 1 reduced, real costs, as opposed to money costs, in industry, and would have saved a good deal of expenditure, which the Government is now going to face in connection with the guaranteed price of butter. LONDON OPINIONS. ) LONDON, December 7.

“The Times” in a leading article says:—“New Zealand has become the, first'to abandon the traditional British system of open markets and to experiment in the regulated or selective trade methods characteristic of totalitarian countries. Because of the trend of trade these measures have not surprised London or Wellington, though it is to be regretted that the Government’s policy of lavish expenditure

should have produced so quickly its inevitable effect in financial and currency embarrassments. Whatever the motives inspiring the Government no one can regard the new development without grave uneasiness who has seen how such restrictions once introduced, tend to increase in severity and complexity. It is more to be regretted because it is a move from the policy of the British-Ame-rican agreement, which aims at extending the volume and area of open marketing.” An Independent Cable message says opinion in the City, especially among the banks, is that New Zealand is now taking the right measures, but it would have been better to have taken them months ago. There is no fear that. New Zealand will fall into default or be unable to put her house in order, ibut there are fears for the trade out- | look between Britain and New Zealand. British exporters want to know more clearly what New Zealand intends regarding luxury imports, such as motors, whisky, fancy leather goods, and domestic comforts. These circles are puzzled from what is announced here, because it does not say what would happen to the orders of New Zealand importers for periodical delivery of goods running into next year. Traders in Britain fear that they may be victims, especially those concerned with luxury exports.