PAYMENT FOR IMPORTS
ARRANGEMENTS BY RESERVE BANK. (By Telegraph—Press Assocla'ion.) WELLINGTON, This Day. The Reserve Bank of New Zealand announces that the arrangement referred to in its statement to the Press on August 31 regarding forward exchange facilities is being extended, and the position is now as follows: — The trading banks are authorised to enter into forward sterling exchange arrangements in respect of payments foi’ licensed imports, provided: (1) That the relative goods have either arrived in New Zealand or been shipped. (2) That the importer has, in respect of the transaction, (a) Paid into an irrevocable deposit account at a trading bank in New Zealand for eventual remittance by T.T. or otherwise, or to cover payment of the relative draft at or before maturity; or (b) Established with his banker an irrevocable letter of credit; or (c) Paid a sight draft; or (d) Accepted a usance draft, in which case the bank may stipulate that the arrangement is conditional on the draft being paid in due course. The facilities mentioned above will be available throughout the Dominion in the course of a few days.
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Wairarapa Times-Age, 11 September 1939, Page 4
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185PAYMENT FOR IMPORTS Wairarapa Times-Age, 11 September 1939, Page 4
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