Financing Of Imports
[Sjiecial to “Northern Advocate ”] AUCKLAND, Thursday.
Cabled information received privately in Auckland today from London stated that after July 31 the Bank of New Zealand would insist on the financing of shipments from Britain to New Zealand entirely by letters of credit. The cable added that the other banks would probably take similar action. ■
This move was attributed to the situation arising from the acute shortage of New Zealand’s overseas funds, and to the need of conserving as far as possible the £4,000,000 credit arranged by the Minister of Finance, the Hon. W. Nash, for the financing of private imports. An immediate consequence, it was stated, would be that the common practice of shippers of drawing drafts for collection would have to cease. ■
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Bibliographic details
Northern Advocate, 28 July 1939, Page 7
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126Financing Of Imports Northern Advocate, 28 July 1939, Page 7
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