DODGING THE DINGLEY TARIFF.

Press, Volume LIV, Issue 9835, 18 September 1897, Page 7

DODGING THE DINGLEY TARIFF.

The United States Treasury department have ruled that the Dingley Tariff Act became law at midnight on Friday, July 23rd. The following morning several steamers arrived from Europe with merchandise, subject to the new duties, to the disgust of the consignees. Tbe steamers were, it is stated, met by an extra foroe of hnpeotora, and

passengers who were bringing over 100 dollars' worth of wearing apparel were mulcted in heavy duties on tho balance. The limit named was imposed at the desire of the retail traders in New York. Iv anticipation of the new tariff, the importations of some goods were on an enormous scale. Of sugar, 12 million pounds' worth was imported from March let to June 30th. For the three months ended May 31st hides to the value of £8,800,000 were imported, against £4,600,000 for the corresponding period of 1896. Of woollen goods the imports amounted to £6,000,000, against £2,200,000, and of cotton goods to £2,000,000, against £1,500,000. Bradstreet's concludes that " the Treasury returns of the last few months indicate a stocking up of dutiable goods on the largest scale previous to the passage of the new tariff, and furnish a valid reason for expectations that the consumption of this enormous amount of goods and material must precede any expansion of the import trade and consequent benefit to the revenue from the new duties." That this conclusion was justified was shown by the decrease during the last two or three months of the United States revenue, of which the cable recently informed us. WHEAT "FUTURES" IN GERMANY. The German law passed some time ago for the purpose of doing away with the speculative selling of wheat, or with " dealing in futures," has already had consequences which its promoters, at least, did not foresee. It was easy enough {says the Argus) to close the market exchanges, but the large German grain merchants and speculators have begun to conduct their operations in Amsterdam and London, principally London, places which it is hardly necessary to say are outside the reach of German law. If the new law is maintained, then London is likely to become the centre of the German grain market, to the injury of Germany, and without speculative transactions being diminished to an appreciable extent— that is to say, whatever opinion may be held with regard to the policy of the antispeculation law, it is gradually proving itself to be futile. To the German farmer the closing of the public markets is a serious drawback, for, as no market quotations are published, he no longer knows what prices to ask or expect for his grain. It is stated, therefore, that in the rural districts the small farmers are forced into the hands of speculating purchasers. For another thing, it was claimed that cereal prices would rise if dealings in futures were prohibited. But the prohibition has actually had the contrary effect, for prices have relatively fallen. Some of the extremists of the German Agrarian party now desire to prohibit the importation of cereals altogether, in order that prices may be raised.