LICENCES FOR FIFTH PERIOD.

Southland Times, Issue 24238, 23 September 1940, Page 4

LICENCES FOR FIFTH PERIOD.

TO BE ISSUED NEXT WEEK (United Press Association) CHRISTCHURCH, September 21. The fifth period import licences will be issued next week, said the Minister of Finance (the Hon. W. Nash) today. The schedules will provide for increases in some commodities and corresponding reductions in other lines, chiefly luxuries. The Minister said he had spent the past week in consideration of the schedule and it had been found desirable to make increases in certain lines which were valuable in production or which were wanted in New Zealand because they were vitally necessary and could not be made here. He could not indicate, specifically, what type of goods would be affected by the increase. Discussing import control generally Mr Nash said it was due largely to fortuitous circumstances that New Zealand had been able to build up substantial sterling reserves and other overseas credits. Many people believed that New Zealand could aid Britain in her war effort by taking more British goods as well as sending more New Zealand products to Britain but the truth of the matter was that Britain did not want credits in New Zealand; she wanted them in foreign countries where such credits would do more good. “I venture to say that every nine out of ten people in New Zealand would want the Dominion to send Britain all she wanted, even if Britain could not pay,” declared the Minister. “We can help Britain by taking imports of commodities of which she has a surplus but Britain certainly does not want New Zealand to take other products which could be more effectively disposed of in foreign markets.”