Clearing Stocks Under Old Price

Northern Advocate, 23 August 1948, Page 4

Clearing Stocks Under Old Price

Exchange

WELLINGTON, Mon. (P.A.) .—Reports that the Government intends to fix a time limit within which retailers will be forced to clear stocks which they purchased under the former exchange rate were described as “only partially true” by an authoritative source last night. A definite indication of the line to be taken by the Government about stocks on hand will be given by the Minister of Industries and Commerce (Mr Nordmeyer) when he speaks in the Budget debate in the House of Representatives on Tuesday night. EFFECT ON CARS The opinion that the immediate effect of the alteration of the exchange rate on shipments of motor-cars in 1948 will be negligible is expressed by Mr A. H. W. Brown, representative in New Zealand of the Society of Motor Manufacturers of the United Kingdom, in a cablegram from London. Mr Brown adds that most of the present import licences have been exhausted. The ultimate results, however, will be favourable, provided additional import licences are granted in accordance with the present healthy market trends and the sterling balances. The British motor industry would greatly appreciate increased shipments of motor-cars to New Zealand.