IMPORT VALUES

Rotorua Morning Post, Volume 1, Issue 37, 6 October 1931, Page 3

IMPORT VALUES

("Post" Special Commissioner).

rates of conversion of foreign invoices for duty IMPORTANT ALTERATION

WELLINGTON, Monday An important alteration concerning the basis of Customs exchange rate conversions was announced today by the Minister of Customs, the Hon. W. Downie Stewart. Under the Customs Act the Minister has power to adopt for Customs purposes in New Zealand either the mintage par rate or the banking rate of exchange for the conversion of invoice values shown in eurrencies other than those in force in New Zealand. For. some time past the mintage rate of exchange has in general been adhered to, but owing to the violent fluctuations that have been taking place, the Minister has decided to re-introduce the banking rate of exchange which was in operation some years ago. In reply to a question, the Minister stated that a notification would be Gazetted this week concelling previous notifications dealing with the rates of exchange and declaring that with respect to all goods invoiced in New Zealand, the value of such goods in New Zealand for the purposes of duty shall be ascertained according to the banking rate of exchange in force on the date of exportation of the goods from the country of export to New Zealand. It would be also decided, he said, that, notwithstanding the notification, the value of such goods which were exported from the country of export to New Zealand on or before September 20, shall be ascertained as if the notification had not been issued.