IMPORTS OF STEEL.

Ashburton Guardian, Volume 55, Issue 169, 1 May 1935, Page 5

IMPORTS OF STEEL.

QUANTITY FOR GREAT BRITAIN A THREE MONTHS’ AGREEMENT. iDnited Press Association —Copyright) (Received This Day, 2.20 p.m.) LONDON, April 30. Representatives of the European steel cartel and of the British Iron and Steel Federation, at a conference in London to-day, concluded an agreement for a period of three months that imports of cartel products into the United Kingdom should not exceed the rate of 643,000 tons per annum, or 160,750 tons for three months, with certain adjustments for other products. During this period negotiations for a long-term agreement will be actively pursued. Negotiating committees of the various sections will be appointed immediately. The British delegation , undertook to request the British Government. to suspend for three months the operation of the increased duties which came into effect on March 26 last.

SAFEGUARD FROM DUMPING.

SHARE OF NEUTRAL MARKETS

(Received This Day, 12.50 p.m.) LONDON, April 30

The “Daily Telegraph” says that the decision regarding steel is the climax to four years’ endeavour to safeguard the British industry. From to-morrow the industry becomes virtually a member of the cartel. Its home market will be safeguarded from dumping. It will obtain a reasonable share of the world’s neutral markets. The proposed long-term agreement will include a .quota of British exports to countries within and outside the cartel. The decision to substitute co - operation among producers of steel in Etn ope will end commercial warfare. For the last year, before the imposition of the British duties on imports on iron and steel, Britain imported 950,000 tons of steel more than she exported, whereas a few years before there weie 3 000,000 tons of excess exports over imports. Much of this imported steel sold here at 25s a ton below cost.