EXCHANGE DIFFICULTY.

New Zealand Herald, Volume LXVIII, Issue 21029, 13 November 1931, Page 10

EXCHANGE DIFFICULTY.

IMPORT OF FOREIGN GOODS. BRITISH PREFERENCE QUESTION. The, hardship inflicted on traders in respect of the, assessment of duty on goods imported from foreign countries which still adhere to tho gold standard was brought forward by Mr, W. A. Boucher at the meeting of the Chamber of Commerce council yesterday. Ho quoted a reported statement of the. Minister of Customs, tho Hon. W. Downio Stewart., in which the Minister ga\e aii indication that the Government was inclined to view favourably the. giving of assistance to New Zealand traders who were seriously affected by tho adverse rates of exchange combined with tho existing high duties. After describing the uncertainties and difficulties which beset many traders through not being able to know the conversion rates 011 their imports until the customs examination was made, Mr. Boucher moved that the chamber should urge the Minister of Customs to fix the exchange rates at par for the purpose of assessing ad valorem duty on goods coming from countries which adhered to the gold standard. He, added that such a proposal would not affect the incidence of the duties set out in tho customs schedule.

Tho president of the Chamber, Mr. A. M. Seaman, said in the light of the competition between British and foreign goorls, it seemed that Mr. Boucher's proposal would reduce the amount of British preference by about 20 per cent. Mr. Boucher said there were certain goods imported from foreign countries which were not obtainable from England, and Britain was not receiving any benefit from preference in this direction. Mr. M. Stewart said the position was onlv a temporary one and there would doubtless be some chaos until world currency ratios were established. The situation would solve itself in lime.

Mr. C. E. Clinkard considered the present position was rather in favour of British goods, and he moved as an amendment that, the question be re for red back to the importers' committee of the chamber for further investigation and report. The amendment was carried.