BANNED IMPORTS

Gisborne Herald, Volume LXVI, Issue 20003, 31 July 1939, Page 7

BANNED IMPORTS

EFFECT OF CREDITS “A DROP IN THE OCEAN” RELAXATION QUESTION MERCHANTS HOPEFUL The probable effects oT the financial arrangements just concluded m Britain, bv the Minister of Finance, the Hon. W. Nash, were discussed b> an Auckland Herald reporter with business men interested in classes o imports on which 100 pel' cent restriction was imposed. Most of them said they had not had time yet to consider the position in all its bearings, but Chart they were ‘hopeful that Mr. Nash’s new arrangement would strengthen the hands of those desiring to see the import restrictions relaxed or removed

“Personally I think it is only a drop in the ocean.; and I do not see that it is going to assist the Government or ourselves,” said the head of a firm which imports groceries on a large scale. He was of opinion that the credit made available would, help the manufacturers who required .raw materials, as they would probably be given preference. Prohibited Foodstuffs

Among foodstuffs that were totally prohibited, he added, were lines of biscuits and confectionery, dried fruits and preserved meats; and although large stocks had been brought into the country in anticipation of the Government’s action, he anticipated that by Christmas there would be a severe shortage in such lines unless there was some relaxation in the meantime. He did not think itlhat 'Mr. Nash’s agreement would aid in getting such a relaxation. Importers, when they placed orders in Australia and England, were getting cablegrams back asking whether they could pay for them. “The credit of the country is gone," he said. Floor coverings, including carpets and linos., form one of the most important classes of imports that has come under the total ban. The 1 turnover in these lines in New Zealand amounts to about £5-00,000 at Wholesale cost. The principal of a firm doing business in them said so far there h-ad been no concerted move in New Zealand to take advantage of the new position in order to get the ban lifted. He did. not expect that anything definite would happen until after the return of Mr. Nash to New Zealand. NecessLy Next Year In any case, he added, the first move would- probably be made in Wellington, where the representatives of British manufacturers had their headquarters and held their stocks. “I think they will let some floor coverings in during the first half of next year,” he said. “They will have to. The British manufacturers will make them.” “Four millions will not go very far in restoring the cuts that have been made in trade,” said a man to whom the position of banned millinery and novelty costumes was referred. “It will be used more for essential types of goods like drapery, I expect.” He pointed out the importance of some of the novelty lines that had been severely cut, and said that those concerned would get together this week and consider the new position.