IMPORT LICENCES

Otago Daily Times, Issue 24412, 25 September 1940, Page 6

IMPORT LICENCES

Importers will read with mingled feelings the statement issued by the Minister of Customs explaining the basis on which import licences for the ensuing period—covering, in most instances, the whole of 1941 — will be obtainable. They will perceive that the restrictions that have been imposed upon them are not to be substantially modified: in certain cases they are to be relaxed, in other cases they are to be stiffened. Mr Nash claimed , amusingly at the Economic Conference a fortnight ago that it was fortunate for New Zealand that " the Government had perfected a method of allocation of overseas funds before the war broke out." The system of control, which was necessitated by the Government's own. wasteful policy, has provided what Mr Nash now describes as a "relatively high level of sterling balances." After nearly two years of import control, resulting in an excess of export values of some £30,000,000 over import values, these sterling balances amounted last week to about one half of the figure at which they stood when the Government assumed office. The perfection of the method under which any'wide relaxation of the restrictions is declared by Mr Nash to be impossible will not, therefore, be very apparent to the importers who are affected by it. They will derive some N satisfaction from the fact that the allocations that are to be made to them will cover the period of a full year. This should enable them to enter into their commitments with greater confidence than would otherwise be the case. The warning, on the other hand> that if any goods that were ordered under existing licences arrive after December 31 next they will be admitted only as a charge against the allocation' for next year will serve to remind them that even the uncertain length under war conditions of the voyages of overseas steamers does not afford them any relief from the stringency >of the control that is exercised over them.