POSITION IN WELLINGTON

Wairarapa Times-Age, 5 April 1940, Page 5

POSITION IN WELLINGTON

LONDON FUNDS EARMARKED. IMPORTERS IN DIFFICULTIES. (By Telegraph—Press Association.) WELLINGTON, This Day. Inability to obtain import licences for the third period, which covers from January 1 to August 31, or 'Sterling permits in cases where licences have been issued, is causing grave concern among importing firms. Applications for licences were made in November last, and, though many were issued in December and January, there is still a large number which have not been issued. In many cases the licences have been approved, but have not been issued by the Customs because, it is understood, of difficulty in obtaining sterling funds. "Though there is £20,000,000 in London, it is all earmarked to cover second and third period commitments,” said a manager who was interviewed. “We arc worse ofl now than we were last September. For the fourth period the Government will have to draw on the fifth period funds. Another man said that the hold-up in the licences was hitting very hard the manufacturers who had come to New Zealand to establish businesses. They could not get the essential raw materials for manufacture, and were getting fed up with the rigmarole they had to go through. They did not like to complain becouse of possible repercussions. There were scores of licences at the Customs Department which could be issued if the Minister would permit it. said another person concerned with imports. Mr Nash could not give the permission, however, because thej money was not available to pay for the goods. The money in London was mortgaged to meet commitments that had been made. He said there would be trouble with the fourth period licences. _______