Straight Talk by British Business Men

Manawatu Times, Volume 64, Issue 171, 22 July 1939, Page 3

Straight Talk by British Business Men

LONDON, July 3. “One has a feeling that someone expressing the feelings of the commercial community ought to say something pretty strong while Mr. Walter Nash, New Zealand Minister of Finance, is in London. Ho is here trying to raise money and to get you to sell goods there, your money to be retained for two years. If Mr. Nash thinks that the industry is going to buy New Zealand wool and export cloth to New Zealand and have part of its capital tied up there, he ought to bo given an

This view was expressed by Mr. L. V. Driffield, secretary of the Huddersfield Chamber of Commerce, at a meeting last week. The chamber discussed what the president, Mr. George C. Hirst, described as a most unsatisfactory position arising out of the new import restrictions. Mr. Driffield said that exports of woollens and worsteds to New Zealand had gone up considerably during the first five months of this year. In London* he had inquired whether they would deduct from the first six months under the new restrictions the overplus which had gone in during the first six months of 1938. He rather thought that was what would happen. Another point he had made was that, if they were not going to consider granting licenses until NovemberDecember, 1939, there would bo no shipments for the first three months ot 1940 to New Zealand, which was a regular monthly shipment market. There would bo an absolute blockade, and nothing at all would be sent during January, February and March next. Mr. Hirst reported that a deputation from the Associated Chambers had met Mr. Nash, who had told them that he could hold out no hope of the import restrictions being removed. Rather might they be increased. The financial situation iu New Zealand, he had said, had made it necessary to adopt the measures against which they were protesting. A member asked if the money was coming through whhn the licenses had been granted.

Mr. Driffield: Yes. But thcro is a suggestion that tho. money should be left in New Zealand for two years as a deferred investment. That was none some years ago in Australia. You did not lose on investment very much. The meeting came to no decision.