ARGENTINE TRADE

Dominion, Volume 26, Issue 186, 4 May 1933, Page 9

ARGENTINE TRADE

New Treaty With Great Britain PUBLICATION OF TEXT Official Wireless. Rugby, May 2, The text Is published to-night of the Anglo-Argentine Trade Convention, signed yesterday by Dr. Roca, head of the special Argentine mission to Britain, and the President of the Board of Trade (Mr. Walter Runciman). The subjects dealt with in the convention are the treatment of Argentine meat, the exchange position in Argentina, and the tariff treatment of both countries’ goods.

The articles dealing with Argentine meat provide that, if It should become necessary, in order to secure remunerative prices in the United Kingdom market, to reduce the various categories of Argentine meat below the Ottawa levels, the effect upon the price level desired shall not be negatived by replacing these reduced imports from Argentina by increased imports of meat from other countries, including the British Dominions. Argentine meat is promised fair and equitable treatment.. Regarding the exchange position, the agreement provides that after the deduction of a reasonable sum annually towards the payment of the service of Argentina’s public external debts in countries other than the United Kingdom, the full amount of the sterling exchange resulting from the United Kingdom’s purchases of Argentine produce will be made available for current remittances to the United Kingdom. Frozen peso balances will be funded by an Issue by the Argentine Government of sterling bonds. A supplementary tariff agreement containing provisions as to duties and quantitative regulations to be applied by each country to the other’s goods will be concluded as soon as possible, and will form an essential part of the convention. If this supplementary agreement is not concluded by August 1 next, the convention may be ended by either party at one month’s notice. Any dispute which may arise shall at the request of either party be submitted to the Hague Court, unless both agree to some other tribunal or procedure. The convention comes into force when ratifications are exchanged, and will remain in force for three years, and be terminable at six months’ notice. Ratifications will be exchanged in London as early as possible. MEAT RESTRICTIONS Treaty Provides Safeguards London, May 2. The Argentine agreement provides for consultation by the chief meat exporting countries, including the Dominions, in event of a reduction of Argentine chilled beef becoming neces-' sary. Also the Imports of Argentine chilled beef will not be reduced more than 10 per cent, below the imports for the year ended June 30. 1932, unless the imports of chilled beef, apart from reasonable experimental shipments of frozen meat from all meat-exporting countries, including the Dominions, is also reduced by a percentage equalling the percentage of the reduction of Argentine chilled beef below 90 per cent, of the Imports in the corresponding quarter ended June 30, 1932. Britain undertakes not to restrict Imports of frozen beef, mutton and lamb in excess of those specified in Schedule H to the Anglo-Australian Agreement of August 20, 1932. unless the Dominions’ imports are restricted. Argentine sterling bonds issued at 4 per cent, are repayable within twenty years. ARGENTINE REACTION Opinion Generally Favourable (Received May 3, 7.10 p.m.) Buenos Aires, May 2. Reaction to the Anglo-Argentine trade agreement to-day is generally favourable, indicating that Congressional ratification will be given. FURTHER TREATIES Statement by Mr. Runciman SWEDEN AND FINLAND Official Wireless. Rugby, May 2. Answering a number of questions regarding trade agreements negotiated aud projected, the President of the Board of Trade. Mr. Walter Runciman, in the House of Commons to-day said that the text of an agreement with Sweden was being prepared for early signature. The agreement with Denmark, laid before the House last week, would, he estimated, result in an annual increase of British exports to Denmark of about £1.200.000, representing an increase in employment of nearly 6000 persons. Detailed negotiations with Finland would begin on Muy 23. When general trade negotiations with the German Government opened probably after the World Economic Conference, the question of German duties on British cotton yarns would be raised. Mr. Runcinian stated that he had recently discussed with the Japanese Ambassador the question of Japanese competition with British goods in world markets, and asked him to put certain suggestions before his Government. Mr. Runcinian promised to make a statement on this subject in the near future.

INDIAN INDUSTRY HIT Dumping of Japanese Cotton Calcutta, May 2. Cotton mills are closing daily in Bombay on account of Japanese dumping. Thousands of workers are idle, anil the industry is facing ruin. The Government is expected in a few days to open negotiations witli Japan, who is pressing for a trade agreement, and is willing to concede anything providing she is not completely shut out of the valuable Indian market.