TARIFFS IN U.S.A.

Auckland Star, Volume LXV, Issue 103, 3 May 1934, Page 7

TARIFFS IN U.S.A.

RECIPROCITY BILL. President May Negotiate Trade Agreement. SENATE COMMITTEE APPROVES United P.A.—Electric Telegraph—Copyright) (Received 11.30 a.m.) , WASHINGTON, May 2. The United States Senate Finance Committee to-day approved the Reciprocal Tariff Bill with an amendment providing for the hearing of affected industries before any tariff reductions are made effective. The measure, which empowers the President to negotiate trade agreements with other nations in an effort to restore prosperity, was already passed by the House of Representatives.'

HUGE PRQFITS.

NEW YORK BROKERS' INCOME,

WASHINGTON, May 2

The Banking Committee of the Senate has published a report showing that the gross income of . r >l9 brokers belonging to ' the New York Stock Exchange aggregated 2,153,000,000 dollars during the past six years, of which 833,000,000 was net income. It is understood that these huge profits are revealed to show the necessity for passing the President's bill to strictly regulate the exchanges.

Officials of the New York Exchange allege that the figures do not truly represent the situation. It is admitted that brokers made large profits in 19282!) when their customers were making large profits, but subsequently their earnings were greatly reduced.