ASSESSMENT OF DUTY

Otago Daily Times, Issue 17973, 28 June 1920, Page 6

ASSESSMENT OF DUTY

QUESTION OF EXCHANGE.

(From Our Own Correspondent.)

. WELLINGTON, June 27. I tie of the assessment of Customs duties has been complicated seriously by the present condition of foreign exchange. The system adopted by the Customs previously was to reckon exchange at the ordinary commercial rate, but in assessment wns pressed very hard upon imnorters of goods from countries such as the "united btates, where the value of the dollar stands high relatively to that of the sovereign, iiie Customs Department, in oonsequenco of protests from importers, consulted the bolicitor-genere.l, who advised that the department must assess the d-utiablo value of the goods on the "parity" value of the sovereign, which means, virtually, a return to the pre-war standard for the sovereign, lnis meant that importers dealing with Continental countries, where the exchange was affected the opposite way from the United otates, were under a disadvantage. Now, uncter a Cabinet minute, goods are to bo assessed for duty according to the "parity" value or the commercial value of the sovereign, whichever affords relief to the I . m P?.^ er ' a t *■}« discretion of the Minister. A BiU amending the law to give effect to this will be introduced this session.