EMPIRE TRADE.

Press, Volume LXVI, Issue 19974, 8 July 1930, Page 11

EMPIRE TRADE.

THE BANKERS' RESOLUTION MUCH INTEREST DISPLAYED. (BIUTISU OFFICIAL WIRELESS.) RUGBY, July 6. lii political circles much discussion ecntrcs upon a resolution adopted by many leading bankers and industrialists, regarding tariffs and Empire trade. The document advocated prompt measures for stabilising inter-Imperial '*4(lo, and pointed out that the restrictions upon European trade, instead of decreasing, had increased; and, while retaining the hope of the ultimato extension of the area of free trade throughout the world, expressed the view that the immediate step required was interImperial trade agreements, secured by leaving British markets open to Empire products and imposing tariffs 011 imports from other countries. The importance of the document is minimised by the Free Traders. The "Daily Herald" (Labour) describes it as interesting, rather than important, and states that the signatory bankers were expressing their personal opinions rather than their official views. It thinks the city views are still nearer to the bankers' manifesto of October, 1026, in favour of freo trade, and that the present resolution is the product of a minority group. A similar line is taken by the Liberal papers. The "Daily Mall" and "Daily Express" regard the resolution as an important score for the Empire Free Trade policy they are advocating. The "Daily Telegraph" says that in Conservative circles the resolution is welcomed as justifying the action of Mr Stanley Baldwin in advancing the Party's policy of tho economic unity of the Empire, and that in the new pitnation the disappearance of the referendum is held to be inevitable. "The Times" says that the resolution taken in conjunction with the report on economic policy by the General Council of the Trades Union Congress is held by the Conservatives to give Mr Baldwin every right to reconsider the position regarding his referendum pledge should he desire to do so. Mr J. H. Thomas (Secretary of State for the Dominions) said yesterday that tho Government intended to enter the coming Imperial Conference free to consider every problem on its merits, without prejudice or bias, adding: "It will be prepared to discuss, with a single-minded desire of finding a eolation, this Imperial question, on wMeb bo mtieh attention is at present being focused. To say more than that would be dangerous, and calculated to do h*ra by building up hopes and expectations which' may not be realised."

OPINIONS OF THE PARTIES. HESS AGE TO LORD BEAVERBROOK. LONDON, July 0. The bankers' resolution is the domiyi < <.ng topic in political apd business cire. It is recognised everywhere that ib will provide the strongest impetus to the eause of Empire economic unity. Conservative circles welcome tne pronouncement as justifying the action of Mr Baldwin in putting the economic issue ip tho forefront of his programme. V Lord Beaverbrook's supporters claim tljat the resolution is a staggering triumph for their cause. The Liberals were at first dumbfounded and unable to minimise the importance of the document, incltjfliPg the signature of their own ex-Chancellor, far Reginald ilcKenna (who is also chairman of the Midland Bank). They are apprehensive lest thg of Free Trade will endanger the Party ß independent political existence. Labour opinion is divided, ana a growing section is inclined to experiment with tariffs. Pronouncements are expected at an early date from all three Parties. , , Mr Walter Kennedy Whigham, a director of the Bank of England, and the organiser of the bankers* meeting, in a message .to Lord Beavorbropk, aalds . , "The bankers' manifesto w but further evidence of what the country mw|« and wants now, without waiting for a referendum on JSmpire Free Trade on the lines you advocate. You have awakened the nation to a sense qt |is peril. Condition* are top , Men to the bickerings political groups. The leaders of the Empire Free Trade movement must put the polipy now to the British working men and women, who have never Archedfrom a bold decision when the case was frankly stated."