EXECUTIVES RECALLED

Taranaki Daily News, 13 October 1931, Page 5

EXECUTIVES RECALLED

SOME AMERICAN FIRMS. EFFECT OF EXCHANGE DATES. The new and lower rate of sterling has definitely checked one trend of New Zealand trade towards the United States, and the effects are being felt already. Dollars may now be bought only at the London rate, and this, combined with the higher Customs duties in force in the Dominion, has halted the expansion of trade with the United States. What is more, says the Wellington correspondent of the Auckland Star, improvement is evidently not looked for in the near future, for some large corporations that have sent officers to New Zealand to control their business at this end are recalling them to the United States., The American community in Wellington is said to be about 80 strong, and no fewer than six responsible officers of American firms have been recalled. Further contraction of trade is feared, and will mean still more recalls. It is held hero that the additional charge placed upon New Zealand purchasers of American goods by the fall of sterling has made trade well-nigh impossible in many lines, and the situation is being overhauled from every point of view.