IMPORT CONTROL

New Zealand Herald, Volume LXXVII, Issue 23595, 2 March 1940, Page 16

IMPORT CONTROL

EASING SOUGHT REQUEST BY BUREAU HELPING THE. WAR EFFORT Ail appeal to trio Minister of Finance, the Hon. W. Nash, to modify the import control regulations to enable importers to buy British manufactured was contained in a telegram sent to the Minister last night by the .Bureau of Importers. The request followed the publication yesterday of figures showing a substantial increase ill Reserve Hank funds.

The telegram is as follows:- — ''As the Reserve and trading banks returns this week show a lurther substantial increase in sterling, making available approximately £'20.000,000 with which to purchase goods urgently required hv New Zealand and at liresent denied primary producers whose efforts create our London funds, and also to the consulting public, importers consider that The improved position justifies a modification of the import control regulations for the iourth period. Assistance lor Britain •'Britain also urgently requires export expansion for her maximum war effort." the telegram continues. "Cannot New Zealand assist toward this end by increasing purchases from the United Kingdom? Importers are prepared to co-operate wholeheartedly in ensuring overseas funds being utilised in purchasing .British manufactured goods, thereby assisting the maximum war effort.''

"As the total reserves in London today approximate £20.000,000. and as Creat Britain is continually appealing to the Dominions to increase business to offset her own heavy imports of armaments, the Bureau of .Importers feels that Mr. Nash might well assist in this direction by allowing importers in New Zealand more sterling for the fourth import licensing period," said Mr. W. A. Boucher, president of the bureau, yesterday. Causes ot Uneasiness "There are many factors causing uneasiness to the trading community," Mr. Boucher continued. "Trading bank returns show a substantial increase in deposits, which continue to rise, but on the other hand the customs revenue is declining and imports lor January show a falling-oil of nearly £'<•>(),000. "Surely the (Jovernincnt has achieved the policy which it set out to accomplish when it introduced import control in December, IH.'iS. Any surplus funds which New Zealand lias in Loudon to-day should be made available to England to help her in her war effort, and this can be done only by granting licences to New Zealand iinportcrers for manufactured goods, instead of refusing them, as has been the custom of the Government for the past To months."