FULL EXCHANGE CONTROL

Grey River Argus, 15 March 1940, Page 3

FULL EXCHANGE CONTROL

‘ BRITAIN COPIES N.Z. ’ LONDON, March 12. The announcement that Britain is ' imposing control over export proceeds ’ is an important step towards full control of foreign exchanges by which ' the Empire’s overseas credits will be ' substantially augmented. . The pro- ’ needs from overseas sales of rubber, tin, jute, whisky, and furs must be j collected in the particular foreign , currencies which are needed to pay for essential British imports. It is pointed out that a considerablepart of Britain's export in thn last six I months never became available for • the payment of imports. Britain, > therefore, was wasting labour, raw ’ materials, shipping foreign ! assets simply to facilitate the illegal : withdrawal of foreign capital from ’ London. Imports into the United States of the five commodities at present concerned probably amounted to £90,000,000 last year.