New Zealand's Purchases From Britain

Chronicle (Levin), 10 August 1949, Page 6

New Zealand's Purchases From Britain

LONDON, August 8. Before Mr Nash lei't London he discussed the question of increasing the volume of British exports to New Ze.alainl. It is understood that this does not imply so inuch an extension as a reorientation of New Zealand's overseas purchuses with the object of obtaining from Britain some, at least, of the goods the Dominion" will be forced to stop buyiug from tlre dollar area. ^At_ present New Zealand's chieY pu'rclases from the United States are steel manfactures, heavy tractors'p oil and oxi products, heavy £md light' trucks, ancl sulphur. Britain may be able to supply .some of these goods in large quantites, notablv heavy tractors, which aie now being developed to an increasing extent in this country and some categories of steel manufac-tures. New Zealand's sierling balances in the United Kingdom should be at present more or less at "Their peak, but owing to repayment of ioaii and other faetors the balances are not believed to be so high today as is normal at this period of the year. Much of the effect in the recent increases in the prices of dairy produce and meat, which in any case ivill not become apparent until next year, will be offset bv inereased costs. "in view of these considerations and also the necessity for British exporters to direet as much as possible to dollar rather than sterling mafkets, it is not anticipated hefe that the effect of any inereased purchases by New Zealand from British sources will be very appreciable.