EXPORT CREDITS FOR N.Z.

Gisborne Herald, Volume LXVI, Issue 20053, 27 September 1939, Page 11

EXPORT CREDITS FOR N.Z.

PROVISION IN BRITAIN IMPORTERS’ OBLIGATIONS QUESTIONS IN HOUSE (Per Press Association.) WELLINGTON, this day. In an urgent question addressed to the Minister of Finance, the Hon. W. Nash, Mr. C. A. Wilkinson (Ind., Egmont) asked in the House of Representatives yesterday, if it were a fact that importers desiring to avail themselves of the British export credit facilities would have to deposit in a New Zealand bank the full value of the goods covered by such arrangements.

Mr. Wilkinson also asked if the Minister were aware of the present unsatisfactory position regarding payments for American, Canadian and other imported goods, which were ordered and, in some cases, were shipped prior to -the present system of control of foreign credits by the Reserve Bank for a period as far ahead as June, 1940.

He added that importers would have to pay double interest on unpaid portions of drafts covering such goods, and also had to take the risk of a further fall in sterling exchange as against dollars or other currency.

He suggested that, the price tribunal should take these factors into consideration when determining selling prices.

Mr. Nash, in reply, volunteered to give Mr. Wilkinson all the information he required if he placed the questions on the order paper as notices of questions.