FUTURE OF EUROPE

Dominion, Volume 22, Issue 262, 1 August 1929, Page 9

FUTURE OF EUROPE

AMERICA WON INDUSTRIAL SUPREMACY EFFECT OF PROHIBITIVE TARIFFS REMARKABLE ARTICLE BY MUSSOLINI (United Press Association.—By Electric Telegraph.—Copyright.) Australian Press Association. (Rec. July 31, 7.5 p.m.) Paris, July 31. Signor Mussolini publishes a remarkable article in the “Journal” entitled “American Protection and the Economic Future of F"'ope.” Signor Mussolini pithily describes the United States as the nation producing CO per cent, of the world’s petrol, half the iron 'Hid :teel, nine-*' • of the motorcars, and fantastic proportions of coal and cereals. He adds: “Mass production is the contribution of America to our epoch.” Signor Mussolini goes on to say: “The home markets of the United States are closed to Europe by prohibitive tariffs. There Is no exchange. Europe buys from America twice as mu»'' as she sells. As a result Europe must pay the excess In gold, which is producing a glut In America and a lack of gold in Europe. To what end is the gold being piled up? It is not an edible nroduct The only course for Europe Is to reduce the importations .from America and organise within her own boundaries, a tendency which is already visible.” He concludes: “America has won the battle for Industrial supremacy. All that is left for Europe is to defend herself in her own markets and a few neutral markets.”

BRITISH IMPERIAL TARIFF WALL URGED TO MAKE THE EMPIRE INDEPENDENT “MORNING POST’S” SUGGESTION (Rec. July 31, 7.5 p.m.) London, July 31. The “Morning Post” is alarmed at the increasing American tariffs. It says: “If the Government showed a true conception of statesmanship it might say to the Dominions, ‘Let us join in protecting ourselves against the American Imposition. Let us also build a tariff wall and so shape our trade as to make the British Empire independent of the whole world.’ In the absence of official initiative it rests with the representatives of Industry to shape Imperial policy. British commerce must get busy, otherwise it will wake one morning and find that even Dominion preferences have gone. Then the country will shrink from an Empire to an island.”