BIG SURPLUS.

Auckland Star, Volume LXI, Issue 102, 2 May 1930, Page 7

BIG SURPLUS.

CANADA'S BUDGET. Imperial Preference Keynote of Tariff. EMPIEE TRADE EXPANSION. (United P.A.-Electric Telegraph-Copyright) (Received 11 a.m.) t OTTAWA, May 1. T.he Minister of Finance, Mr. C. A. Dunning, in his Budget speech, announced an estimated surplus of £11,142,500 for the fiscal year. He also announced that numerous and complex changes in the tariff rates would be involved. - Under the general tariff there were increased rates on 54 items, and decreases .on 4(5. Under the intermediate tariff there were increases in the rates on 35 items and decreases on 90, while under the British preferential tariff there were increases on eleven items and decreases in 270. When the revision was completed the Customs tariff would consist of 1188 items, of which 559 would be free under British preference. The changes proposed, Mr. Dunning said, would have the effect of greatly increasing British preference in the Canadian market. "Canada is not engaged in a tariff war with any country," ho said, and stated that the tariff changes were not, the result of any bargain with any other country, _ and they are the expression of the spirit in which Canada would approach the Imperial Economic Conference in a few months' time. "We do not intend to meet other countries in the British Commonwealth of Nations in a spirit of petty bargaining, but rather in a broad spirit of willingness to become, in an ever-increasing measure, good customers to those who treat us in like manner. "This is the spirit in which we desire to meet all nations, but we believe that within the British Commonwealth of Nations lies the greatest measure of opportunity for mutual development of trade, because of our common heritage, kindred institutions, and common patriotism." Tho countervailing tariff makes the duty on vegetables, eggs, and grain the same as that of countries exporting to Cahada. The duty on British-grown tea is removed. Canadians abroad are made subject to income- tax.

USELESS ENACTMENT. U.S. Tariff Bill's Heavy Blow To Canada. FEELING OF INJUSTICE. (Received 10 a.m.) WASHINGTON, May 1. Lieutenant-Colonel Woods, President of the Canadian Chamber of Commerce, told the United States Chamber of Commerce that the "ruthless enactment" in tho Tariff Bill was preventing the sale of Canadian goods in the United States. This was causing a sentiment of snjustlco to spread over the Dominion, and a 20 per, cent loss of trade, which would result from the passage of the bill. This was not so important as the spirit that was being created thereby.