IMPORT RESTRICTIONS

Greymouth Evening Star, 18 July 1939, Page 7

IMPORT RESTRICTIONS

PROSPECTS FOR REMOVAL.

[PER PRESS ASSOCIATION.]

AUCKLAND, July 18.

Prospects of the release of the import embargo at the beginning of the New Year were held out by Mr. Nash, in a letter to a’leading English biscuit manufacturer,- a -copy of which was received to-day by\an Auckland wholesaler. ' -«

It states that the embargo on certain imports is to be regarded as a temporary measure, compensating for previous excessive imports, which in some cases had built up stocks to abnormal levels. It adds: “As soon as we are in a position to do so (the present restrictions operate until the end of 1939) imports will be resumed to the full extent of our ability.” Mr. Nash adds: “We have no wish to pursue a policy- of insulation or self-sufficiency, and, most of all, we are anxious to maintain and extend our trade both ways with Great Britain.”

RESERVE BANK GOLD.’

REVALUATION EXPECTED.

AUCKLAND, July 18. -. A revaluation of the Reserve Bank gold holdings of £2,800,000 is expected during. the next, few months, according to Auckland opinions. This is re- .:. garded as the only alternative to the drastic curtailment of credit and currency in the Dominion. It is claimed that, at present, the gold value of the reserve could be writ- •- ten up to more than double its fig- '■ ure as shown-in the 'weekly returns, and would provide the basis for about £11,000,000 worth of currency and credit expansion. Thisi'- ; wpuld assist in overcoming partially the stringency in overseas funds, and would assist trade during the critical .period.