EXCHANGE PROBLEM

Taranaki Daily News, 6 October 1931, Page 4

EXCHANGE PROBLEM

SHIPMENTS FROM AMERICA. - STEAMER MAY BE HELD UP. Complications arising from the dollar exchange position were intensified when importers of American and, Canadian goods due to be shipped to New land by the Golden West were notified that there was a doubt whether the vessel would sail. Alternatively, if the vessel did sail, it was not shown whether certain goods which were to have been placed on board her would be included in her cargo. • .. Advices stated that goods paid for with credits established prior to the development of the present exchange position had been loaded into the vessel, but that shippers were now demanding settlements more concrete than the present period of uncertainty would allow. Failing the provision of satisfactory credits, they would not ship the goods ordered. It is not known whether the vessel would be dispatched with an uncompleted cargo, or whether she would be held up pending satisfactory settlements. . .... One San Francisco shipper of dried fruits notified that he had covered his shipment at a conversion rate of 3.35 dollars to the pound, the purchases being originally based on a rate of 4.25 dollars. The Golden West commenced loading at Vancouver a fortnight ago, then loaded at San Francisco and went to Los Angeles for further loading. She was to sail from Los Angeles on Thursday for Auckland, Wellington, Lyttelton and Dunedin, but whether she has left or not is not yet known. The vessel’-s cargo comprises genera, merchandise, canned salmon, dried and canned fruit, fresh fruit and case oil. The next cargo vessel from the Pacific Coast is the. Waiotapu, which is due to leave San Francisco on Thursday.