Under the provisions of the Tariff and Development Board Act of 1961, the Board of Trade (established in 1950) was abolished and a Tariff and Development Board was appointed in its place. Under its terms of reference, the Board must consider and make recommendations on (among other things) alterations to the tariff, the general effect of the operation of the tariff on trade and commerce and the farming, manufacturing, and distributing industries of New Zealand. It must also have regard for the interests of consumers and any matter affecting the protection or development of industry or the development of overseas trade, whether by means of the tariff or otherwise.

With the increased importance of the tariff as a protective instrument, its significance as a source of revenue has declined. Under the influence of a protective tariff, the pattern of New Zealand's imports has changed and, no doubt, will continue to change with the further development and diversification of industry. Already an increasing proportion of imports consists of raw materials, semi-manufactured goods, and machinery, which are admitted free of duty or at concessional rates of duty for use in industry. Nevertheless, the tariff is likely to remain an important source of revenue.

by John Francis Cummings, Comptroller of Customs, Wellington.