N.Z. CURRENCY

Poverty Bay Herald, Volume LXV, Issue 19825, 30 December 1938, Page 12

N.Z. CURRENCY

AUSTRALIA APPREHENSIVE FIRMS REFUSE CHEQUES One of the largest multiple stores in Sydney was refusing to accept New Zealand currency over the counter, said Mr. G. C. W. Reid, managing director of Reid (New Zealand) Rubber Mills, Limited on his return to Auckland by the Awatea from Sydney. He added that he had heard it mentioned that there was some fear among Australian business men of a depressed Dominion currency. \ “If one may judge from the altitude of shopkeepers in the Commonwealth.” Mr. Reid said, “it may be that till the general situation here as more clearly defined they will continue in their reluctance to accent Nc.w Zealand currency. There is no doubt o,f their uneasiness, possibly because they know very little about the imports restrictions. I could discover in Australia practically no reliable information, or information that was 'fully explanatory, of the restrictions.” Many firms would not accept cheques on Ne\y Zealand banks, Mr. Reid continued, excepting for collection purposes through New Zealand banks. Two or three firms with which he had conducted business telephoned him to say that they were nervous about how they would be paid. Though his own firm recently bought £SOO worth of machinery from one Australian business house, a few hours before he was due to sail lie had to get a business friend to guarantee payment of £2O for an article he ordered from the same house. "A Melbourne firm sent me a telegram an hour before I went to

the ship,” ho mid, asking me whether, in view of the New Zealand Government's restrictions on the transfer of funds, they should proceed with an order. Those experiences made me feel very small. 1 am wondering how long it will be before 'his new g vernmcnlal machinery "/ill be running smoothly so that there shall be no hold-up, particularly in raw materials and special plant imported from overseas.”