BRITISH FISCAL POLICY

Press, Volume LIX, Issue 11305, 21 June 1902, Page 7

BRITISH FISCAL POLICY

United Press Association—By Elticttio Telegraph—Copyright. ' . (Received June 21st, 12.52 a.m.) LONDON, June 20. Sir M. Hicks-Beach's statement in.reply to Mr Morley is favourably commented on on, the Continent, especially in Berlin.,

Mr Morley accused Sir M- Hicks Beach of opening a wide door to protection, and also of vaguely, hinting at an alteration of the financial relations between the Motherland, and the .colonies. The, effect of the substitution of colonial for foreign produce would be, he ' said, to raise the price of raw material!, increase the' cost of manufacture, handicap Great Britain abroad, and play ducks and drakes with her great trade.for the sake of a relatively small trade. It would be disastrous to interfere with the ramparts of British fiscal policy, which was the basis of Great Britain's opulence and credit. Sir Michael Hicks Beach, disclaimed the idea of using the tax on imported corn to alter the fiscal policy. The tax was necessary to meet financial requirements, it was. not the Government's policy to try to encourage colonial trade by initiating a tariff war with England's best customers. To talk of preferential duties woe trailing a red herring over the scent.