THE FISCAL ISSUE.

Press, Volume LXVII, Issue 20250, 30 May 1931, Page 11

THE FISCAL ISSUE.

TWO' POINTS OF VIEW. STEEL - INDUSTRY. • (FROM OCR OW» COS&BS?O3(DE3T.) LONDON, April 23. " Mr L. S. Amery, speaking at a Primrose League gathering at Birmingham, said that to-day we were going back to the cause of Disraeli, and waging .onceagain the fight for his principles. The fiscal issue was a vital issue of principle affecting our whole outlook, on the .national life. -. fl have always liked the word Unionist," Mr Tsaidj more than the word Conservative, because, though 'in • its •: origin - .it. was .'connected with liish Union, it stands for the union of >ll classes, of all of all parties and communities in British Empire. In that sense, long before the word Unionist was invented, Disraeli was in" the .fullest and truest sense a great | Unionist. "I am glad to think that the correspondence between .Mr Neville' Chamberlain and Lord Beaverbroolc, with Mr Baldwin's full approval* has t made it clear* that the protection of British agriculture by whatever method does stand in the very forefront of our policy, and we are going to play our part iiot only in, protecting and .reviving British industry, but doing what is no less important, for the health and; strength of the nation, reviving that most important and vital national industry of agriculture. That exchange of letter's does complete and round off our policy and makes a piolicy unassailable even by our opponents." Labour Minister's Warning. Mr \V. Graham, Presiaent of tho Board of Trade, who has recently been in touch with , leaders of the iron and steel", trade, in an endeavour to formulate plans for helping the industry in its present depressed condition, revealed some of the Government's views on the problem in a speech at Scunthorpe, Lincolnshire,-on Saturday. - . . It was now clear? lie said, that one section of the industry was asking for what was virtually prohibition of the two to three million tons of imports por annum. A larger section-requested a heavy inj-'ort duty, and very few r'epre-seutaih-cs of VUe industry hnd wiy use for a mere revenue tariff. The slight* est investigation proved that suah a

change could not, be effected ■without raising again, the whole tariff issue as applied to*the general range of British industry. and - commerce.; .The , sjiifeg. building industries,"whose also depressed, would undoubtedly _be adversely- affected, * The -whole object of the tariff was to secure- a' higher price for British'steel.' ; He agreed that there was grave danger in the present world depression,in. commodity,prices*. but a true remedy .did not-lie .in fm*® ther restriction of commerce. "Ifbelieve." continued Mr" "that it is futile to rely, on'the tariff,__ because,-even if the Conservatives came into office, they would be able to de- »j[ liver nothing -like the amount of pr<}-' f - tection that the iron and stebl industry demands. Moreover, sucha step'in the existing conditions would Great Britain to retaliations by a considerable number of European amfc 55 other countries; and-it "would uridoub.t- t" edly lead to the loss of many of the benefits which We now iSnjoy junder most-favoured nation treatment in onr-"** commercial treaties.. It is-always easy - to make a' case for protection in an individual 1 industry; what- the eoontty'j* has to consider is the effect on.its overseas commerce as a whole. That is the' 1 rock on which. .Conservative effort .in this matter would undoubtedly split.® 1