IMPORTED GOODS

Manawatu Standard, Volume LIX, Issue 163, 12 June 1939, Page 4

IMPORTED GOODS

PAYMENT MONEY ACCUMULATES BANKS’ RIGID CONTROL. Per Press Association. AUCKLAND, June 11. Under tho rigid control now being : exercised by tho trading banks over transfers of funds from New Zealand to London and elsewhere, considerable sums in payment for imported goods are accumulating in the Dominion, according to information given by Auckland merchants. It was stated that transfers on a severely restricted scale are still being made, but these are confined to a limited number of importers and to the needs of travellers and those with remittances to make for educational and other purposes. It is generally anticipated that the position will continue throughout the month. One merchant said that payments for sight drafts now arriving for goods which were included in tho current half-year’s licenses were being accepted by the banks, but the banks were not immediately transferring money overseas, and in consequence there was an accumulation of credits awaiting transfer, chiefly to London. “We appreciate the help the banks are giving us and we realise the difficulties they have to meet, hut the conditions now prevailing are causing a great deal of irritation and worry to importers,’’ lie said. “The position is different from anything we have experienced in the past, and effects on the Dominion’s overseas credit may bo felt for a number of years.” It was thought that New Zealand would be deprived of certain longestablished trading arrangements and : privileges which had a high commercial value, and that British manufacturers would tend to disregard the Dominion when they had special lines and novelties to offer agents for overseas firms. BUSINESS CLOSED. AUCKLAND, June 10. As a, result of the import regulations. an Australian breakfast food manufacturing firm has ceased its operations in New Zealand and withdrawn its Dominion manager. The annual value of the importations of the firm’s products was about £85,000. It is stated that for the first six months of the present year tho firm was allowed 20 per cent, of the inipor-1 tations made in the corresponding period last year. For the second six months there was a complete cancellation of his licenses.