SINKING OF SHIPS

Gisborne Herald, Volume LXVI, Issue 20107, 29 November 1939, Page 7

SINKING OF SHIPS

EFFECT ON IMPORTS MANUFACTURERS VIEWS Tne effect of loss of goods intended for import into New Zealand through the sinking of British ships at sea was discussed by the council of the Canterbury Manufacturers’ Association. The two aspects of the problem were whether insurance compensation would be made available in sterling funds to cover replacements of goods lost, and whether licenses already granted would be available for the same purpose.

These points were raised in a letter from* the association to the New Zealand Manufacturers’ Federation. The secretary of the federation, Mr. M. Rocke O'Shea, replied that he had been advised by the Reserve Bank that the question of licenses was a matter for the Customs Department. , , , It was stated, however, that no matter how many ships were lost on the wav, the license clid not have to be presented until the actual arrival here of the goods. The Reserve Bank authorities Inici also stated that purchasers would be well advised to have their insurance moneys placed in England The chairman, Mr. S. L. Y right. This is an important matter. It the claim is payable in New Zealand in New Zealand currency, the value o the sterling allocation is lost. II n is payable in England, in stalling, i would be available for further purchases to replace goods lost, we should draw the attention of members to this in our next circular. It was stated that the Customs Dopartment had no concern with the sterling allocation, but only with the licenses. Mr. H. C. Urhvin: It all depends when the ship is lost. If it was lost near the end of the import licensing period, the importer may lose Ins license. Mr F W. J. Belton: There is provision for it to be resuscitated, and made available for the next period. The letter from the federation was received.