THE FIFTH PERIOD.

Evening Star, Issue 23690, 25 September 1940, Page 8

THE FIFTH PERIOD.

Import selection and control have resulted in great disturbance to the routine of business in this Dominion. Introduced before the war as a result largely of the Government’s extravagant expenditure, there is not the faintest hope of the system being abandoned while hostilities last. Tho commercial community, therefore, lias to accept the position philosophically. Its interest has centred in the fifth period import selection schedules, which were released yesterday by the Minister of Customs. They are on the lines that had been forecast. Increases aro announced in some commodities and corresponding reductions in other lines, chiefly luxury goods. One point in Mr Nash’s statement that will be regarded with approval is that with the exception of very few items the licenses are to cover the full year of 1941 instead of a half-yearly period, which has been the method employed up to the present. This will give the importer a decided advantage in making his plans tor sending forward his orders. The Minister was explicit about the position of third and fourth period licenses, stating that any goods ordered under such licenses which arrive after the end of December next will be charged against the importer’s allocation lor the fifth period. The Government’s policy, as defined by the Minister, rests on the necessity for maintaining a close control of imports and avoiding expenditure of overseas funds for nonessential imports which can be dispensed with for tho present. This aspect of the matter brings in the question of stimulating and expanding New Zealand’s secondary industries, which have been further developed in order to produce goods the importation of which has been restricted. Two things stand in the way of the complete fulfilment of the Government’s desires in this respect. Ono handicap, which cannot be avoided at present, is that large numbers of effective workers aro in khaki. The other, which could be avoided, is tiie forty-hour week, which is a brake on output, and might well be suspended in the meantime. Seeing that there is a marked improvement in this country’s London balances, it might be supposed that there was justification for increasing the imports to this country, but the London funds have to be maintained at a satisfactory figure for the dual purpose of meeting commitments in Loudon and keeping a balance, which, in the words of the ‘ Manchester Guardian,’ will be a most useful aid to British war finance. To help .the Motherland in the present crisis must bo. this Dominion’s first consideration.