TRADE WAR THREAT.

Auckland Star, Volume LXIV, Issue 130, 5 June 1933, Page 7

TRADE WAR THREAT.

"OUST BRITISH GOODS." LONDON, May 30. Alarm at Japan's trade onslaught may result in an international selfdefenec movement and Britain's forthcoming discussions which arc intended as a peaceful alternative to a ficrcc tariff war are anxiously awaited. Speaking on behalf of the British Government at the Bombay dinner, the Secretary for India, Sir Samuel Hoarc, said the problem must be urgently faced unless trade is to bo irrevocably injured. Mr. J. 11. Grey, chairman of the Cotton Spinners' Association, says that the Japanese are pushing trade at prices that are arousing world-wide apprehension. Some high foreign quarters, ho declares, consider that Japanese methods of competition menace the stability of western civilisation. Japan is said to be deliberately manipulating her currency to enable her to make a wholesale assault on the world markets and to establish the predominance of her goods. Tho Japanese complain that Britain has not dispelled exiting doubts regarding tho scope of the forthcoming trade talks between Britain and Japan. Mr. Fusajiro Abe, chairman of the Japanese spinners, states that only quarantine control and possibly pricefixing by grade would ease the difficult position. He demands an immediate solution, and says that if it is not forthcoming Japan will launch intensive competition in tho European and South American markets, confident of ousting British goods. It is realised that the yen exchange is a decisive factor, and it is believed that the Japanese delegation to the World Economic Conference has been instructed to retain tho present advantageous level at all costs.