“CRISIS IN TRADE”

Gisborne Herald, Volume LXXIV, Issue 22439, 20 September 1947, Page 6

“CRISIS IN TRADE”

N.Z. AND AMERICA

IMPORTERS ALARMED

HOLD-UP IN PAYMENTS

(P A.) AUCKLAND. Sept. 19. Because of the complete hold-up in payment for dollar goods, due to Government action, importers have become suddenly alarmed about shipments arranged at American poits foi delivei) in New Zealand before the end of the there is anxiety in commercial circles as the banks. flatly refuse to provide finance until the import licenses under which the goods have been ordered from Canada and the United States are endorsed by the Customs Department. An urgent meeting of the executive of the Bureau of Importers has been called for this afternoon to consider the position and make representations to the Minister of Finance. Importers today described the situation as a crisis in trade between New Zealand and America, precipitated by the Government’s closing down on dollar remittances until all licenses have been examined to determine the essentialitv of the goods in the light of the British Empire’s dwindling dollar resources. , When a request was made to the Collector of Customs at Auckland for endorsement of licenses, the importers were told they would have to lodge fresh applications regarding unexnended balances of United Stales and Canadian licenses. They were told that these apnlications would have to be supoorted by evidence of the urgency of the goods Dates would have to be given of when the orders were placed and confirmed, and when the goods were likely to reach New ZealandApplications with this evidence would have to be submitted 1o the Comptroller of Customs. Wellington. This will cause delay which is regarded as serious. Bank representatives said they had instructions from the Goverment to refuse accommodation until the endorsed licenses were produced.