IMPORT REGULATION

Grey River Argus, 28 August 1939, Page 9

IMPORT REGULATION

Exhange Grants WELLINGTON, August 20. | The following statement legai'hmg import licences was issued by the Reserve Bank:— “Now that the initial process ot . granting exchange authorities to hokI ers of import licences is nearing completion, the Reserve Bank announces that arrangements are being made to afford as much elasticity in time of makiim remittances in respect ol individual licences as can be allowed without departing from the general principles observed in the allocation of exchange. “Under these arrangements, transfers as regards priority of remittance may be made from any tariff item to any other tariff items in the same category, subject, to certain limitations’ as between one country and another. It must, however, be understood that such adjustments will not entitle a licence-holder to additional remittances in any month nor will they entitle him Io remit more in re-| sped of any licence than the value of the goods covered thereby. “Holders of licences who may wish to avail themselves of these facilities should make the necessary arrangements with their bankers."

AUSTRALIAN STEEL IMPORTS. AUCKLAND. August 26. The financial deadlock winch prevented the importation into the Dominion of steel and wire from Australia has ended, according Io advices received by merchants. It is stated that arrangements have been made with the Reserve Bank for remittances overseas, covering steel products, permit authority accepting such goods among 1 hose classed as essential. As a result of orders at present in the hands of the Broken Hill Proprietary. Limited, Australia, and which are subject to the second period of import licences, will be placed by the company. Manufacture will be made in the first rollings applying to particular classes. The hold-up of steel supplies started in June, when it was announced that because the Reserve Bank- would give no guarantee that sterling would be available in respect of import licences issued for the second period, no shipments would be made by the Broken Hill Proprietary and its subsidiaries unless payment could be made in Australia.

in a subsequent statement in Australia the explanation was made that it was considered that continued shipment on the basis of deferred payment would virtually amount to a loan to Now Zealand of capital which the industries concerned could Letter use to tlieir own advantage.

Australia is practically the exclusive supplier of steel to the building trade which has suffered from the hold-up. Stocks held by merchants for the engineering trade are very' low and there is some evidence that work by this industry has also been affected by the scarcity. Indeed, urgent representations on its behalf had already been made to the Government.