TRIALS OF IMPORTERS

Otago Daily Times, Issue 23955, 2 November 1939, Page 2

TRIALS OF IMPORTERS

INTERFERENCE WITH TRADE GLARING INSTANCE CITED FUNDS NOT TRANSFERRED TO LONDON (Special to Daily Times) WELLINGTON, Nov. 1. How importers are considerably inconvenienced because of the restrictions placed on imports and the attitude of the Reserve Bank towards remitting funds to London was emphasised by a Wellington importer today. For the past 20 years, he said, his firm had been importing an English product used extensively in building operations. The firm was issued with a special licence recently for the fulfilment of urgent orders, and an application was immediately made to the Reserve Bank, said the importer. After many negotiations a permit was issued for the required amount to be remitted to London and an order for the material was cabled with instructions for the firm in England to apply to the importer’s bank in London for payment. . “ You can imagine my surprise,” said the importer, “ when the English manufacturer cabled and said he was unwilling to ship the required material because the Reserve Bank of New Zealand was unable to transfer to London money which had alread- been paid for goods which had already been shipped. I would like to point out that as a result of the interference —1 would add, the persecution—which is being meted out to the importers of this country the position is so discouraging that it seems useless to try to do business. “ I can see onW one result,” the importer added. “ Importations must almost cease in the very near future. It simply means that the English manufacturer, who till last year looked on the New Zealand market with favour, is now in many cases unwilling to do business with New Zealand in any circumstances. In the instance I have just quoted the English manufacturer was unwilling to ship goods to the Dominion even when the money was in hand for payment. The remarks recently published by Mr William Goodfellow are heartily endorsed, except that they were not quite severe enough.”