FAVOURABLE TIME

Waikato Times, Volume 125, Issue 20992, 20 December 1939, Page 8

FAVOURABLE TIME

IMPORT POSITION STERLING FUNDS HIGHER WAY TO ASSIST BRITAIN (By Telegraph.—Press Association) AUCKLAND, Wednesday “Importers in New Zealand are anxious to assist the Mother Country in her drive to increase exports, but they feel impotent to assist this war effort because of the prohibitions and restrictions imposed on imports from the United Kingdom,” says a statement issued by the Bureau of Importers. “Now that most of our exportable products have been sold to Britain at favourable prices for the duration of the war, the position of the sterling balances should be greatly improved. The bureau considers the present would be a favourable time for the Government to remove entirely the restrictions on importations from the United Kingdom, with a view to assisting Britain in her war efforts. The sterling position should so improve that rationing should be no longer necessary. This should enable control to revert to the trading banks.” The statement also points out that the trade with neutral countries which Britain has lost must be made up by increased exports to other Empire countries, in order to mainmain the capacity to finance a long war. CHANCE FOR NEW ZEALAND HIGH RETURN FOR PRODUCE (By Teiegraph.—Tress Association* DUNEDIN, Wednesday Referring to the drift in the country’s financial position at the annual meeting of the Dunedin Stock Exchange, Mr Harman Reeves said that a unique opportunity U> rehabilitate the Dominion’s credit was offered in the payment for our in sterling at substantially higher prices than last year. “With curtailment of extravagant expenditure, the country may yet weather the financial depression which many have been predicting,” said Mr Reeves. “It is a wonderful opportunity to restore our financial credit and regain the good name we previously had in financial circles. Will the exchange position be rectified and our pound once again be restored to its former position alongside the Australian and British pound, or shall we continue to live in an atmosphere of financial doubt and instability?”