FIFTH PERIOD IMPORTS

Waikato Times, Volume 127, Issue 21227, 25 September 1940, Page 6

FIFTH PERIOD IMPORTS

No very startling changes in the selection of imports are contained in the schedule for the fifth period issued by the Minister yesterday. Many who had hoped for a greater relaxation of the restrictions will be disappointed, but on the other hand those who anticipated such shocks as were contained in the fourth period schedule will be relieved that the position is no worse than it is. Several items of general use have been more severely restricted, including wooden matches, hand-knitting yarns and bicycle tyres and tubesj, and there may be some difficulty in meeting the demand from New Zealand manufactures. The most important departure, perhaps, as that the licenses are to be for twelve months instead of six, and business men will therefore find it necessary to spread sales if they wnsh to have stocks for the whole year. Mr .Nash is emphatic that the need closely to control imports is as great .as ever, In spite of the fact that the sterling funds held by the Reserve Bank and the trading banks are nearly treble what they once were. The public has certainly been impressed by the growing balances, but Mr Nash’s explanation puts a rather different complexion upt;n them. The accumulation has been aided by payment in advance for the main export products shipped to Britain; delay Jias occurred in the delivery of goods from Britain, and thus the demand on sterling has been eased; the export season just passed usually see s a temporary rise in the sterling balances. Import selection has, however, conserved the fund. From the other point of view there are h* ?av i er commitments in the shape of interest and loan repayments I.° niet > money is being sent overseas for soldiers and in rifts to h ie United Kingdom, and those imports which are not restricted incu uc^ m il*tary equipment, are being imported in the same or greater qu. entities and at greater sterling cost. Extension P eriocl licenses to cover twelve instead -f mnn ,| lQ ic ’n important concession, but it will be noted that the Minister°has card. dly - carry-over ” from the third or fourth perk ’ d ml ° thc lirth ’ so that the total amount of sterling made availably 7 dunng lhe fllth P eriod shall not be S reater than that provided for A 1 the fifth P eriod schedu l e alone - Where at the time ol the issue ot Mth period liconses an im P° rter has balances outstanding on earlier i. ecnses - his alIocatlo “ lor the fllth P eriod will be reduced by the extent u £ such balances until tho licenses lor the previous periods have been su rrendel ed -