Reserve Bank Return Raises Importers’ Hopes

Northern Advocate, 21 December 1939, Page 6

Reserve Bank Return Raises Importers’ Hopes

E Special to “Northern Advocate ”] V AUCKLAND, This Day. Importers’ hopes have been raised by the Reserve Bank weekly statement Issued yesterday in Wellington, which shows that the holding of sterling fends has risen by more than £2,000,000 in the week, and has reached the highest level since import .restriction was); first ntvoducsd.

Already it has been indicated that the licenses for imports in the first si:;, months of next year will be issued on a more generous scale than this, yea tv £s larger payments being made for exports to the United Kingdom have already gone a certain distance towards restoring the Dominion’s overseas balances, this into consideration, special significance is attached to a sLavement received by the Auckland Chamber of Commerce from the Minister for Customs (Mr Wash). The .Minister stated that, in determining the amount to be allowed for importations in £■ the third licensing period, account was taken of the overf seas funds estimated to accrue in that period, f•'This - ryus a reply to a suggestion from, the chamber that an additional amount of sterling credits should be allotted, in view of the increases in realisations from the sale of the Dominion’s prilnary produce. . Mr - Nash added that, should it be found that a greater amount was available than was estimated by the Government, full consideration would he given to the question of applying SUch amount to providing for additional- imports of essential commodities, particularly from -the United Kingdom. '<• . The Return, tl.The Reserve Bank return for the #eek ended Monday, December 18, was issued last night.

*•; The statement is balanced at £’36, 361,363, or £801,533 more than at the close of the previous week. The sterling exchange reserve nl £8,273,506, is £2,068,322 higher than tin the previous Monday. Notes and, other demand liabilities are £803,575 higher in the aggregate than the week before, the principal movement being an increase of £1,010,384 in the note issue, j,,The ratio is 32.379 per cent., com-pared-with--26.933 per cent, in the preceding week. Advances, to the Primary Products Marketing Department, have been reduced £2,024,323 in the week the statement covers. Those for other purposes are £850,000 higher.

Censorship.— -A new storm of criticism against the censorship lias resulted from the premature announcement by the First Lord of the Ad|niralty (Mr. Winston Churchill) of the mriy.aLi.pf the, Canadian forces. The Presfg had giVen a pledge not to release the news until today.