NO REVISION

Waikato Times, Volume 125, Issue 20923, 30 September 1939, Page 8

NO REVISION

IMPORT LICENCES COUNTER TO HIGHER CHARGES TREATMENT OF SPECIAL CASES (By Teietrranh.—Press Association) WELLINGTON, Saturday The Minister of Finance, the Hon. W. Nash, states that his attention has been drawn to the effect which the increases recently made in freight and other charges will have in the value of imports. Price increases have also taken place in certain cases, and inquiries have been received as to whether some allowance can be made in the amounts for which import licences have been granted, to offset such increases. The position is, however, says Mr Nash, that licences have been granted having regard to the amount of overseas funds which will be available for such purposes over a certain period. It is regretted that the present situation with respect to overseas funds will not permit of additional licences being granted, and importers should accordingly take all care necessary to ensure that their licences are not exceeded. If it was found that imports of essential materials were seriously affected as a result of such factors, the question of granting facilities for the importation of requirements would be considered, but each case could only be dealt with on its merits. Exchange Factor The position with regard to increased costs arising from the exchange was similar, said Mr Nash, except that the exchange was a variable factor and the position at the time of remittance in payment for goods might be quite different from that obtaining at the time of importation. It was proposed therefore to accept for the purpose of converting foreign currencies, in determining the value to be endorsed on import licences, the rate of exchange ruling at the date of shipment of goods from the exporting country. Mr Nash said he wished it clearly understood, however, that except in I the case of essential goods, applica- | tion in respect of which would be considered on its merits, additional licences could not be granted to offset increases in value due to the [•■change factor.