SLACKENING IN TRADE.

New Zealand Herald, Volume LXIX, Issue 21133, 16 March 1932, Page 13

SLACKENING IN TRADE.

EFFECT UPON IMPORTERS. "VERY ANXIOUS PERIOD." EXCHANGE RATE SATISFACTION. "Owing to the falling off in trade as the result of the general depression, importers have had a very anxious period and the businesses of many are seriously affected," states the annual report of tho Auckland Importers and Shippers' Protection Asso- * ciatiorf, Limited, to bo presented at the annual meeting on March 22 by tho chairman of directors, Mr. Robert Burns. The statement remarks that, in regard to the operations of the association, the limitation of trade, with the consequent greater desire on the part of shipping companies to maintain friendly business relations, had resulted in fewer queries and disputes being brought under the notice of the directors. To no small extent, this condition was the result of the past operations of tho association. Questions of major importance to the importing section of tho community, such as those of exchange, Australian "dumping" duties, and mobilisation of export proceeds through the exchange pool, had received the careful attention of the directors, and the secretary, Mr. A. M. Seaman, as president of the Auckland Chamber of Commerce, had been able to bring added weight to the representations in the interests of members.

The decision of the Covernment regarding the London exchange rate had been awaited with anxiety. It was felt that, had an artificially high rate been set, the bulk of the importers would have suffered very great financial losses. The announcement that there would bo no artificial interference with the exchange rates was a great relief and would enable the resi|piption of normal trading relations, which had been seriously curtailed through uncertainty. Having regard to the difficulties of trade, tho association's affairs were in a healthy condition, there being a surplus of income over expenditure of £l3 for the year. It had been decided to continue for the approaching year also the rebate of half the subscriptions. All the members of tho board would retire, but were offering themselves for re-election..