DOMINIONS READY

Auckland Star, Volume LXI, Issue 173, 24 July 1930, Page 7

DOMINIONS READY

EMPIRE PREFERENCE.

Significant Gestures to

Motherland.

BRITAIN'S MOVE NEXT,

(United P.A.—Electric Telegraph—Copyright)

LONDON, July 23,

The "Morning Post" directs attention to the" significance of recent news items. It recalls that the. Prime Minister of Australia, Mr. J. H. Scullin, said preferences would be increased if Britain would enter into further reciprocal arrangements. The paper also refers to New Zealand's newly-increased preferences, to Canada's similar Budget provisions and to the Indian Government's insistence upon British preference while agreeing to a rise in the fiscal duties 011 cotton. The "Post" remarks that these fiscal actions and undertakings show that at least part of the Empire would be prepared to progress farther along the road to preference if there were a chance of obtaining something in return. "Is there anything doing?" asks the paper. "We could, if Ave liked, make tempting offers. It is easy to see what even a small advantage in the British market would mean to the Canadian wheat farmer 'in the matter of security. So in Australia, where wheat is one of the staple crops, and South Africa, where especially maize growing might be developed. "New Zealand, as a grower of mixed produce, would also like a stake in the British market. The old countries .Jiave shut us out so our future lies with the | new countries."

LORDS COUNCIL.

Eminent Members Form Empire

Economic Group

PROMOTE UNITY IN TRADE.

(Received 10.30 a.m.)

LONDON, July 23

Thirty-six members of the House of Lords, including Viscount Allenby, Ear] Beatty, Lord Birkenhead, Viscount Elibank, and Lord Jellicoe have formed an Empire economic group. Tlicy elected Lord Melchett as clia.iiman and passed a resolution pledging themselves to use their utmost endeavours to promote Euipirc Economic unity. AUSTRALIAN FINANCE.

IMPRESSIONS IN LONDON

LONDON, July 23. The "Daily Telegraph's" City Editor says there appears to be a reasonable prospect of a steady recovery in the values of Australian Government loan stocks over a period, following the news of the mobilising of exchange, bountiful rains and slightly better conditions in tho commodity markets following the taxation to balance the Budget. The "Financial News" * expresses the opinion that any suggestion of a new Australian loan at present would be unfavourably received, but Australia s development will necessitate fresh borrowing when the present crisis is over. In the meanwhile investors are expecting more than a series of forced expedients from Sir. Scullin's Government and would welcome an assurance of a thorough-going inquiry being made, with or without Sir Otto Niemcyer's assistance, into the whole of Australia's financial structure.