TARIFF RETALIATION.

Press, Volume LXVI, Issue 20104, 6 December 1930, Page 22

TARIFF RETALIATION.

A DISASTROUS POLICY. LABOUR GOVERNMENT'S VIEWS. (FROtd OVII OWN CORRESPONDENT.) LONDON, October 31. A speech by Mr William Graham, President of the Board of Trade, at Edinburgh last Friday night probably marked the turning point of the Imperial Conference. Yesterday Mr Graham -was put forward by the Prime Minister to make a statement to the delegates to the Conference so that his speech must be taken to have the weight of a responsible Cabinet Minister. The next election, he said at Edinburgh, would probably bo fought on the programme of the Labour movement as opposed by protection and tariffs. The Tory Party would be driven by its extremists to recommend the taxation of foodstuffs and raw materials. Ho was satisfied that that would be disastrous for the British people as consumers and for important sections of their industry and commerce. It would immediately raise the cost of production. The chances of effective competition in world markets would be even smaller. It would throw Great Britain into the turmoil of tariff retaliation, the futility of which in post-war conditions had been abundantly demonstrated, and it would involve for millions of our people