IMPORT CONTROL AND PRICE TRIBUNAL ARE HINDERING TRADE

Wanganui Chronicle, 9 November 1949, Page 5

IMPORT CONTROL AND PRICE TRIBUNAL ARE HINDERING TRADE

WELLINGTON, Last Night (PA). —lmport control and Price Tribunal activities had restricted healthy trading to an alarming degree, and helped to make the year just closed very difficult, said Mr. J. M. Paterson, chairman of directors of the Drapery and General Importing Coy. Ltd. (D.1.C.), at the annual meeting in Dunedin this afternoon. Staff difficulties seemed worse than ever and there appeared little hope of an immediate improvement. “The Price Tribunal is steadily reducing the margin of profit,” he said. “Only the othei’ day there was a blanket reduction of 21 per cent. on a mark up allowed on almost al) lines of goods in which we trade. The reduction was based, as was more or less frankly admitted, not on the reasonableness of the existing rates, but on the financial results shown by traders. I need not enlarge on this practice. It is unfortunately already familiar. In the simplest way I can put it, we have this year been able to buy less, while we have been made to sell at less profit while paying more to sell It. Your directors can see little prospect of an early improvement or of a return to the peak years of 1947 and 1948, for these reasons. Shortages still persist in many lines that company regards as bread and butter, chiefly in men’s working clothing, hosiery, carpets and floor coverings, china and children's wear."