FREIGHTS PAYABLE IN INDIA.

Otago Witness, Issue 3418, 19 September 1919, Page 6

FREIGHTS PAYABLE IN INDIA.

LOSS TO NEW ZEALAND IMPORTERS. (Fbom Odb Own Oobbesfondent.) INVERCARGILL, September 12. A matter of some considerable interest to importers of Eastern produce was voiced by Mr J. Gilkison at the meeting of the Chamber of Commerce to-day. Sinoe the war, said Mr Gilkison, the Union Steam Ship Company had adopted the practice_ of making freights payable in India. During the war this, no doubt, paid oversea importers, as it saved them from incurring the extraordinary insurances rates. Now, however, a loss was being caused by the practice, owing to the appreciation of the rate of exchange in India. This rise in the currency rate, an employee of his firm had estimated, meant something like 8d a dozen on cornsacks alone to New Zealand importers. At the time the rupee was worth Is lOd 7-16 d, a loss of about £13,750 was met by Now Zealand merchants on . a shipment by a boat the size of the Waitomo, just ' because the freight was not paid in New Zealand. He moved that the local manager of the company be asked to communicate with the general manager asking when a reversion to Now Zealand for the payment of freight would be made. Mr F. J. Loughnnn remarked that the impost was practicallv equal to an increase of 20 per cent, on freights.—The motion wasf carried.