INSUFFICIENT FUNDS

Waikato Times, Volume 125, Issue 20891, 24 August 1939, Page 15

INSUFFICIENT FUNDS

RAW MATERIAL FOR INDUSTRY LES= ACTIVITY PREDICTED (By Telegraph. —Press Association) WELLINGTON. Wednesday Members of the Wellington Manufacturers' Association have been advised hv circular that an investi-ation into the position of New Zealand s areersea* funds discloses that the eources tv .liable for the purchase in j Britain of the necessary raw ma er.als £ofi the real re.|iiirrnirn.s. ’i.tifa e* are advised lo cut I heir coal a< cordin a I" th< 1 ' ;!*' ! .' predicts a restrict m m the actw.ty of K( « Ze .land loral industries “The informal in passed on to members is the res,lb hf interviews -with the Governor of the Reserve Bank. Mr L. Lcfeaua. the act.ngy>rjme Minister, the lion. I . traser. and the Minister of Industries and Commerce, the Hon. D. G. Sullivan.

[ says the circular. 1 ‘•Provision has been made for the full payment for all poods imported | under existing licenses,” continues the letter, “but those payments cannot be arranged to coincide with the date of shipment. A rough estimate of the position is that manufacturers are receiving about one-third of their tlnaneial requirements up to the end of December. Probably, the balance will be divided into two further periods of three months. • Unfortunately no authority in New Zealand has any control of the London credits. These arp merely created i for the use and benefit of shipper? I and manufacturers from England, anc I can only be >perated upon by applicaj tion from them. Part of the credits no doubt, will be useful to finance I manufacturers who are unable nr un- ' wilting to ship goods on the defcrrei I payment system adopted by the Deserve Dank nf New Zealand.”