British Trade With Italy

Manawatu Times, Volume 60, Issue 100, 1 May 1935, Page 7

British Trade With Italy

Continuation of Provisional Arrangement

TRANSFER ACCOUNTS TO

BE OPENED

(British Official "Wireless., Received Tuesday, 7 p.m. RUGBY, April 29. Lieut.-Colonel. Colville (Parliamentary Secretary for Overseas Trade) announced in the House of Commons that, as a result of the Anglo-ltalian negotiations, it had been agreed that the best course for the present was to continue with certain adaptations the provisional arrangement which was concluded on March IS. Either Government has the right to terminate the arrangement at the. end of any month from June onwards, or to propose new negotiations for a definite agreement. The arrangements now made, which will come into force on May 1, arc set out in an exchange of Notes. Lieut.-Colonel Colville drew particular attention to a feature of the agreement whereby the Italian Government will arrange that all persons of this countrv from whom payments are due to persons in Italy in respect of Italian goods exported to the United Kingdom on or after March IS, 1935, and of freights earned by Italian ships carrying goods between the two countries and due on or after May 1, 1935, shall be authorised by their creditors in Italy to make such payments to a special sterling account at tho Bank of England, into which all sums received from Italian exports to the United Kingdom and from the freights referred to above, are to be paid. This

special sterling account is to be used to pay creditors in the United Kingdom, to whose credit lire has been deposited in Italy in respect of United Kingdom exports to Italy and freight for tho carriage of goods between the two countries in British ships. He hoped this arrangement would be m full operation in a few days’ time. As regards the Italian system of regulating imports, certain modifications arc to be made which will give the system greater elasticity in various respects, and at the same time provision is made in regard to the United Kingdom import trade in certain classes of goods, such as raw wool, which are subject to special regimes in Italy. The second cxchango of Notes is designed to facilitate exports of Newfoundland cod fish to Italy.

Expiry of Safeguarding Duties POSITION TO BE CONSIDERED. Received Tuesday, 7 p.m. LONDON, April 30. The safeguarding duties on (3000 articles, mainly vital necessities in rlie manufacture of war material, are due to expire on August 19, 1930, and the Board of Trade has appointed a committee to consider the position then arising—whether the duties should continue or there should be rebates, and whether other articles should be made dutiablo.