CREDITS AGREEMENT

Wairarapa Times-Age, 22 July 1939, Page 7

CREDITS AGREEMENT

BEARING ON DOMINION INDUSTRIES POSITION OF MANUFACTURERS. RELIANCE ON MINISTERIAL PLEDGES. ißy Telegraph—Press Association.) WELLINGTON. This Day. "The Prime Minister's statement is in such a form that it is not possible to arrive at a considered opinion on the subject at present.” said Mr Rocke O'Shea, general secretary of the New Zealand Manufacturers' Association, in an interview last night regarding the credits agreement reached with Britain. “The implications of the arrangement between the two Governments can be determined only upon possession of full details, and till the situation is clarified by receipt of these no comment can be made. It is, however, satisfactory to note that relaxing of the restrictions is to be consistent with the maintenance of sound economic conditions in New Zealand and the Government's obligations to existing industries. "Accordingly,, we are meanwhile relying upon the many definite assurances and pledges given in the public statements of Mr Savage, and members of Cabinet, of which the following are typical:— "We are going on in earnest to build industry in New Zealand. Manufacturers have some idea what they can expect the Government to do in the way of assisting industry, and they are accepting our word that it is not temporary.' —Mr Savage, in a statement made in January. “j(f manufacturers extended their factories and expanded their industries they could do so in the certainty that the Government was not going to change its mind in the policy it had adopted. It was a permanent policy, and not one merely adopted to tide over the present T position. Even if the overseas situation had not arisen the Government would have started on a policy in some form or other than would have given industries an opportunity of expansion.” —Mr Sullivan. “If New Zealand manufacturers are to expand their businesses they must have security, and the position of our manufacturers will always be safeguarded.” —Mr Nash. It was interesting to note, Mr O'Shea added, that Mr Savage concluded an address by saying "now the manufacturers have taken the plunge in filling the gap created, by import control the Government will see that they are not drowned and their workers with them.”

WILLING TO ASSIST ASSOCIATED CHAMBERS OF COMMERCE. (By Telegraph—Press Association.) WELLINGTON, This Day. The executive of the Associated Chambers of Commerce of New Zealand met in Wellington yesterday afternoon. and last night the following statement was issued on its behalf by the secretary (Mr A. O. Heany): — "The Associated Chambers of Commerce of New Zealand has been considering the possibility of suggesting a method of easing and simplifying the restrictions in respect of the remittance of sterling and the admission of imports under the Government’s control scheme, but in view of the statement issued by the Prime Minister and the Reserve Bank it was thought that proposals should not be advanced at present, though it is still willing, as before, to assist the Government in simplifying the procedure. It is noted with satisfaction that under the Reserve Bank announcement there will be certainty that sterling will be available on approved dates for approved imports so far as sterling funds permit." VIEW OF IMPORTERS. AN INADEQUATE PROVISION. (By Telegraph—Press Association.) AUCKLAND. July 21. “There is no indication as to the period over which the £4,000,000 for commercial importing is to be spread.” said the president of the Bureau of Importers. Mr W. A. Boucher, in a statement tonight. He considered the sum to be inadequate, even for the period from July lo December, and it would be preposterous if it was intended to extend the money further. Mr Boucher said the Minister's assurance that licensing would not be used to foster uneconomic industries would be welcomed.