EXPORT CREDITS
PAYMENT OF DRAFTS MR NASH ARRANGEMENT SENT TO NEW ZEALAND (United Press Assn—Elec. Tel. Copyright) (Received Aug. 18, 11 a.m.) LONDON, August 17 The Exports Credit Department has informed the Australian Associated Press that Mr W. Nash, New Zealand Minister of Finance, has completed an arrangement whereby no further sterling will be made available In London for the payment of drafts, which will have to be sent to New Zealand, where they will be -paid by the Importer depositing the sums involved with the Reserve Bank. The Government will then pay the sterling in London in the order in which the drafts have been drawn. The Exports Credit Department Is prepared to issue an insurance policy guaranteeing 75 per cent of the drafts if they are unpaid within six months. An exporter must pay a premium for it to take tiie risk of delay in the remaining 25 per cent. City businessmen point out that the cost of imported guocls will be increased by the interest on money which the exporters are awaiting, plus the cost ol' insurance. The trading banks have apparently not yet been informed of this new
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Bibliographic details
Waikato Times, Volume 125, Issue 20886, 18 August 1939, Page 7
Word Count
192EXPORT CREDITS Waikato Times, Volume 125, Issue 20886, 18 August 1939, Page 7
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