Secondary Experts Crippled

Chronicle (Levin), 1 September 1948, Page 7

Secondary Experts Crippled

press Associattan)

(Per

AUCKLAND, August 31. Fast developing trade 111 seeondary exports iias been abrLiptly crippled by tlie return of the New Zeaiand exchange rate to parity with sterling. Auckland manufacturers and exporters are aione estimated to have lost hundreds of tliousands of pounds. in Orders wiiich are being eanceRed by importers in Australia and other countries. They have been told overseas markets eannot aecept the 20 per cent priee .iiicrease that is imposedj autoniatieally by ihe revalued eurreiicy. • • • Many lines are affeeted. Soine like timied eheese and caimed toiuato produets, are expected to earry serious repereussions to the produeers and growers. Oue of the inost serious reactions is feared in the fishing industry where the export of t'rozen fish to Australia valued at more tinui A200,000 ammally, is jeopardised. Almost all types of New Zeaiand eanned goods whieli have gained considerable headway on

overseas markets sinee the war, are now being refused by buyers abroad because of the extra priee ioading. The trade in tomato juices, soups and sauces with Britain, was stated today .to have been wiped out because of the fact that the new automaticaily imposed prices exceeded the ihnits set by the British Government. The export of packed cheeses had been developing into a very important business. A manui'ac- *■ turer said they were being sold liot only in Britain but aiso in India and various. Mcditerranean eountries for whieii authority was obtained from the food allocation eommittee. The position created for the fishing industry by the new exchange rate, is to be represented to the Government by the Auckland Wholesale Fish Merchants' Assoeiation. A representative of the assoeiation explained that the economic functioning of tbe industry depended upon its being alile to export surplus fish to Australia during the flush season.