IMPORT LICENCE BUT NO CREDIT

Southland Times, Issue 23888, 5 August 1939, Page 6

IMPORT LICENCE BUT NO CREDIT

FUNDS NOT ISSUED FOR DUNEDIN COMPANY

(United Press Association)

DUNEDIN, August 4. Although a certain Dunedin company has an import licence for goods that left England by the Doric Star today and although the goods ordered are all required for manufacturing purposes that will keep New Zealanders at work, the firm has as yet been unable to obtain authority from the Reserve Bank to send the money for the goods out of the country and cheques already issued by the London office on the presumption that no difficulty would be experienced, will have to be dishonoured. Damage to the firm’s credit and to the credit of New Zealand must follow and the firm, which has been ask«d to supply details beyond what are required on the several forms already filled in, is hoping that this will be the last delay. The original application to remit payment for the goods to the firm’s London office was made three weeks ago The necessary forms were filled in but permission to send the money was delayed by the Reserve Bank which required still more information. This was supplied and now data not covered by the documents already filled in has been asked for. This will take three or four days to collate. Meanwhile the shipment is on its way to the Dominion and the cheques for its payment have been issued in London. The goods cannot be returned to the manufacturers and the cheques cannot be honoured until the Reserve Bank gives its favourable decision and in the meantime the firm’s credit at Home will be severely damaged. The import licence is in order and the managament is at a loss to understand the reason for the delay.