MAXIMUM TRADE

Gisborne Herald, Volume LXVI, Issue 20074, 21 October 1939, Page 7

MAXIMUM TRADE

BRITISH PREFERENCE DOMINION IMPORTS JAN.-JUNE LICENSES _ PROVISION OF FUNDS (Ter l’ress Association.) WELLINGTON, this day. Continuing his statement outlining the procedure for the issue ol' thirdperiod licenses for imports, the Minister of Finance, the Hon. W. Nash, saicl that attention, had been called to the possible difficulty of .obtaining supplies of certain goods from the United Kingdom under the existing conditions.

“Where this is found to be the case, every consideration will be given to applications to import goods from other sources, but in view of the necessity of maintaining the maximum volume of trade with the United Kingdom and conserving sterling exchange, it will be expected that unports should come from that source wherever possible,” said Mr. Nash. “Failing that, preference will be given to imports from some other Dominion. "It is recognised also that owing to the uncertainty attaching to trade : n war-time, it will not be possible in all cases for Importers to arrange for for goods ordered under their licenses to be imported by June 30 next. It has accordingly been decided to permit goods to be imported under licenses not later than . August 31 next. Concession Cancelled “Applications for licenses must be lodged, not later than November 30.” The concession made in respect to the admission of goods for which firm orders have been dispatched or placed overseas prior to December 0, 1938, would not be continued alter November 30 next. Mr. Nash said the Government fully appreciated the difficulties 1 which confronted importers in connection with imports during the present period owing to the insufficiency of sterling funds. “It is anticipated that, provided the imports are spread more or less evenly over the whole period, funds l'or remittance in respect of many, if not most of the licenses for the third period, will be available as and when required in the ordinary course of business but, in any case, not later than August 31 next. It will be necessary for iicenselolders to continue to apply to the Reserve Bank, through the trading banks, for remittance authorities covering their licenses.” It had been hoped to be able to dispense with this procedure, but in view of the uncertainties of the position arising out of the war and otherwise, it had been deemed advisable to continue it meantime. Fewer Difficulties "As already indicated, however, if all goes well, importers generally should be free of most of the difficulties experienced in the second period in arranging for imports on the basis of deferred payment,” said the Minister. “In addition, it is hoped that it may be possible to review the months fixed under remittance authorities already issued, and allow overseas payments earlier than provided for in. those authorities. Importers desiring any such re-arrangement or certainty as to when funds can be made available for their particular imports under third-period licenses, should apply to the Reserve • Bank through the local branch of the trading bank with which they deal. ‘‘lt is inevitable that the restrictions which it has been found necessary to impose should bring some difficulties to those affected, but there does not appear to be an alternative which would not bring greater difficulties. Given the maximum co-operation—and I have no doubt it will be forthcoming—in assisting to solve the present problem, I am confident the difficulties will be overcome within a comparatively short period and will eventually lead to a greater measure of economic stability and security.”