LONDON FUNDS

Nelson Evening Mail, Volume LXXIII, 30 June 1939, Page 2

LONDON FUNDS

PROPOSALS TO RESTORE STABILITY VIEWS OF BUREAU OF IMFORIERS (bulled Press Association! AUCKLAND, 29th June. Proposals for lestoring the stability of New Zealand's London funds have been submitted by the Bureau of Importers for consideration of the Government. The main features of the proposals are : (1) Repeal of the import and export control regulations. (2) Expansion of exports from the Dominion. (3) Higher interest rates. (4) Repeal of regulations suspending lhe duty of the Reserve Bank to convert New Zealand money into sterling on demand. (5) .Conversion of the whole of the Dominion's loan of £17,000,000, falling duo in Ixindon at the end of the year. (6) Raising of an overseas loan for defence pui poses. (7) Curtailment of public expenditure. (8) Regulation of exchange rate by banks. (9) Control of overseas credits by bank*. Koine importers of British goods, who represent lines which have been established for periods of up to .60 years in th# Dominion, are winding up their businesses because their agencies have become worthless through the effect of import restrictions. Importations of their hues have been totally eliminated in the second period of the year, which begins on Ist July, but, in ignorance of what was impending, they incurred heavy expense in the last few months soliciting orders they a re/now unable to fulfil. Among those affected in this way is Mr Walter B. Williams, indent and manufacturers’ agent, who states tliat he ha* already dismissed his staff of three and is winding up his business. He has been New Zealand representative for several overseas manufacturers lor 15 year 6, but the agencies were in existence long before ho took control. Plans to abandon his Auckland business in August have l>eeu made by Mr W. E. Cooper, representative of the well-known English firm of I. and R. Morlev, manufacturers of underwear, hosiery, gloves, outerwear and men’s »P« parch These manufacturers were cstab. lised 139 years ago, and the Auckland agency has been in existence for 25 to 35 years. Another agent for English footwear pro. duced documentary evidence of a decision to abandon his business oil 30th November because no further supplies can be ed He has represented an English firm for 30 years in Auckland, and in the last few months, he states, has spent £IOO in ti a veiling expenses alone, booking order* I hat cannot now be supplied. The footwear lias been on the Dominion market for 45 years. Other instances were given of business** in Auckland that are to be relinquished as the result of import restrictions.