HC Deb 10 July 1952 vol 503 cc1499-500
24. Mr. Osborne

asked the President of the Board of Trade what communications he has had with the Federal Reserve Bank of New Zealand for the granting of the necessary exchange for payment of Roods ordered prior to 1st April, 1952; and if he will make a statement on the New Zealand orders to this country that are being delayed owing to lack of exchange facilities.

Mr. P. Thorneycroft

The United Kingdom Trade Commissioner in New Zealand is in touch with the Reserve Bank in New Zealand on this question. The Reserve Bank have stated that exchange will be made available for firm contracts entered into before 1st April, 1952. They have also stated that, if there is not enough exchange available to cover out-standing orders immediately, allocations would be spread. It may thus be that those United Kingdom exporters, whose customers cannot get immediate release of exchange this year, may have to wait for payment.

I have no information about the volume of orders with United Kingdom exporters which might be affected in this way.

Mr. Osborne

While appreciating the great difficulty of the New Zealand traders, may I ask the Minister if he has any idea how long these delayed credits will have to be spread?

Mr. Thorneycroft

I cannot say, without notice.