DEPRECIATED CURRENCY.

New Zealand Herald, Volume LIX, Issue 18021, 21 February 1922, Page 8

DEPRECIATED CURRENCY.

THE DUTY ON IMPORTS. COMPLICATED QUESTION. [bx telegraph.—own correspondent.] CHBISTCHURCH. Monday. With reference to the duty on goods imported from countries with depreciated currency, the Hon. W. Dowm'e Stewart was asked if such goods were subject to the special tax when the price to New Zealand firms was quoted in sterling. There was some controversy on the subject among importers, who complained that when foreign goods were quoted in sterling they should not have to bear the additional tax to compensate for any advantage obtained through the depreciated foreign exchange. Mr. Stewart said it had been found that the provisions of the Customs Act, 1921, dealing with depreciated currency duties gave rise to enormous difficulties in administration, and in order to meet the varying circumstances it might have been necessary to issue quite a number of Orders-in-Council in-respect to consignments of goods arrjvtag in the same snip. Even then justice could not be done, and there were so many possibilities of hardship that in the final Finance Act he had had a clause inserted providing that the depreciated currency duties, instead of being imposed ''arbitrarily and automatically, BhouM only be imposed in respect of any class of goods or in respect of any country upon complaint being made showing that thoso goods were enjoying an undue advantage against British manufacturers or the producers of the British Dominions, including Slew Zealand. In such cases it was now possible to impose the duties either in whole or in part, as circumstances required. This was undoubtedly very large power to place in the hands of the Minister, but other countries had found it imperative to adopt some such expedient. Australia bad recently adopted a similar course. However, he had not yet had an opportunity of going sufficiently into details to say how countries quoting in sterling would bo treated.