TRADE CREDITS
NEW ZEALAND PAYMENTS FOR IMPORTS ARRANGEMENTS AT LONDON END. SEVENTY-FIVE PER CENT INSURANCE SCHEME. By Telegraph—Press Association—Copyright. LONDON, August 17. The Exports Credits Department has informed the Australian Association Press that Mr W. Nash (New Zealand Minister'of Finance) completed an arrangement whereby no further stealing will be made available in London for the payment of drafts, which will have to be sent to New Zealand, where they will be paid by the importer depositing the sums involved with the Reserve Bank. The Government will then pay sterling in London in the order in which the drafts were drawn. The Exports Credit Department is prepared to issue an insurance policy guaranteeing 75 per ceht of the drafts if these are unpaid within six months. The exporter must pay a premium for the insurance, and take the risk of delay in payment of the remaining 25 per cent.
City business men point out that the cost of imported goods will be increased by interest on the money the exporters are awaiting, plus the cost of insurance. The trading banks apparently have not yet been informed of this new system.
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Wairarapa Times-Age, 18 August 1939, Page 5
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189TRADE CREDITS Wairarapa Times-Age, 18 August 1939, Page 5
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