N.Z. DOLLAR COMMITMENTS OVER £19 MILLIONS

Grey River Argus, 28 September 1949, Page 5

N.Z. DOLLAR COMMITMENTS OVER £19 MILLIONS

P.A. WELLINGTON, September 27. Rt. Hon. W. Nash made a statement to-day, elaborating on his references last, week to dollar commitments under import licences. The Minister of Finance gave the following details of the import licences issued on the United States and on Canada for 1949, and of the undertakings to grant licences for 1950. The details of licences issued or authorised up to August 31, 1949, are as follows: — Machinery, tools and equipment—£s,ooo,ooo. . Metal, wire and pipes—£l,76o,ooo. Motor vehicles and parts—-£1,2'50,-000. Tobacco —£1,192,000; also £1,200,000 for 1950. Timber —£570,000. 0i15—£1,750,000. Newsprint—£l,o37,ooo; and £1,000,000 for 1950. Other miscellaneous g00d5—£4,536,000. Total—£l9,4oo,ooo. Of the total, about £11.400,000, said . Mr Nash, was for consumer goods. NX Farmers Should Find Devaluation Spur to Export P.A. WELLINGTON, September 27. Mr W. N. Perry, Dominion president of th e Federated Farmers, made a statement on devaluation to-day. He said: “The devaluation of sterling will not affect the prices of New Zealand’s primary products exported to Great Britain. All goods from the United States will be dearer. The farming community depends to a great extent on American machinery”. Devaluation should be a spur to New Zealand to increase its exports to the United States and to Canada to earn as many of those precious dollars as possible. He said: “Britain will have to cut down on her imports, especially of foodstuffs, from the dollar areas. There is thus a challenge to farmers of New Zealand to increase production, so that she will not go short”. Mr Perry described the principal obstacles to increased production as shortage of labour and housing on farms, lack of fertilisers, and, above all, a fear on the part of the farmer that, if he improved his property, it might be taken from him. He repeated his advocacy of an Empire economic conference of politicians, business men, farmers and workers, to plan for increased efficiency throughout the Empire.