Premier Explains How Payment for Imports is to be Made

Manawatu Times, Volume 64, Issue 171, 22 July 1939, Page 5

Premier Explains How Payment for Imports is to be Made

Per Press Association. WELLINGTON, July 21. In the course of a statement to* fay on the Minister of Finance, Mr Nash's, negotiations in London, the Prime Minister, Mr Savage, said that the British Government had agreed that the facilities of the Exports Credits Guarantee Department should be made available to assist in the financing of imports of United Kingdom origin, and that credits up to £ 5-million sterling would be made available on approved conditions for purchases by the New Zealand Government.

Short-term export credits facilities up to an amount of £ 4-million sterling v/ould also be made available under suitable conditions to cover approved

export from the United Kingdom tc importers in New Zealand other than th# Government. This meant that importers holding licences could be assured that. provided they paid thr equivalent New Zealand currency foi imports at the date due. the obligatior to pay the United Kingdom exportei in sterling would be accepted by the New Zealand Government as sterling funds were available. Th British Government's Exports Credits Guarantee Department had made arrangements under which British exporters would be protected by means of a guarantee which would ensure their receiving sterling at the expiry of a reasonable period from the date of payment in New Zealand. Mr Savage also stated. In regard to the conversion of the £ 17-million loan, that he was in receipt of advice from Hr Nash that the negotiations wero I *roceeding satisfactorily^