EXPORT CREDITS

Wairarapa Times-Age, 21 July 1939, Page 6

EXPORT CREDITS

STATEMENT BY MR SAVAGE

POSITION OF PRIVATE IMPORTERS. OPERATION OF GUARANTEE. .WELLINGTON, This Day. In the course of a statement today on the negotiations of the Minister of Finance (Mr Nash) in London, the Prime' Minister (Mr Savage) said the British Government had agreed that the facilities of the Export Credits Guarantee Department should be made available to assist the financing of imports of United Kingdom origin and that credits up to £5,000.000 sterling would be made available, on approved conditions, for purchases by the New Zealand Government. Short-term ex-

port credits facilities up to an amount of four millions sterling would also be made available under suitable conditions,' to cover approved exports from the United Kingdom to importers in New Zealand other than the Govern ment. This meant that importers holding licences could be assured that, provided they paid the equivalent in New Zealand currency for imports at the due date, the obligation to pay the United Kingdom exporter in sterling wotUd be accepted by the New Zealand Government as sterling funds were available. The British Govern ment’s Exports Credits Guarantee Department had • made arrangements whereunder British exporters would be protected by means of a guarantee which would ensure their receiving sterling at the expiry of a reasonable period from the date of payment in New Zealand.

Mr Savage also stated in regard to the conversion of the £17,000,000 loan that he was in receipt of advice from Mr Nash that the negotiations were proceeding satisfactorily.