AUSTRALIA MOVES TO MEET DOLLAR POSITION

Chronicle (Levin), 9 December 1947, Page 5

AUSTRALIA MOVES TO MEET DOLLAR POSITION

Received Tuesdav, 12.9 a.Tn. CAXBLRliA, Dec. 8. The Prime Minister, Mr. Cliifley, announced tonight that after a f'ull dollar revieu, t'abinet had decided that imi>orts of motor vehicle eliassis from America would be limited to £9,(100,00(1 for the 18 nionths' period ending June 3u, P.I49. Oi this oiUy £0,000,00 will be permifted for importalion before June 30, 1948. Au iiiterdepartmentai committee on which the industry wouhl be represented wouhl be responsible l'or recommending ihe allocation among various make.s and models of chassis. ALr. Chifiev said Anierican tobacco .leaf purchases were already made for the current year. Reductions, therefore, would be inefl'ective until 1948/41). Imports in that year would be reduced approximately >) per cent. ihe lotal consumplion of Australian and inipiirted newsprint was iixed at !»(),eOu tons aniuuiliy from Jamiary 1, making tlie axcruge eul on prewar consumplion oi per cent. Pctrol would be reduced a further I ten per cent. ] I'iim cumpanies' remittaliees would be Jimited to 50 [»er cent. of the base year quota. The remainder would be I retained in Australia. 2dr. Chifiev said total imports from the I'nited Htates and Cunada would be about £90,000,000 in 1947/48 compared with actual imports of just over £(50,000,000 in 194(5/47. liowever, measures would be taken by the Government to reduce the importation rate in 1948 to oue practicabie in the light of the assessment of the dollar sit nation at present available. Xlr. R. T. Pollard, Minister of Commerce, was also authorised within the framework of the existing import controls, to divert a greater proportion of Aust.aiian produced goods to the dollai market. It was recognised the possiliilities were limited because of existing commitments.