BRITAIN'S TARIFFS

Evening Post, Volume CXII, Issue 157, 31 December 1931, Page 8

BRITAIN'S TARIFFS

i NO HEAVY CHARGES

TO RESTRICT TRADE

THE NERVES OF EUROPE

Britain is unlikely to impose tariffs so heavy as to hamper trade, said Mr. C. J. B. Norwood, chairman of tho AVcllington Harbour Board and president of tho Chamber of Commerce, Who returned from a world tour to-day. The object of Great Britain will bo on the contrary to merely rcmovo incqualitiea as the bulk of her wealth is derived from investments world wide in character, which would suffer if there were any attempt to bolster up strictly British Isles concerns unduly. "It was wonderful to experience tho changes that had taken place in the psychology of the people of Britain towards tariffs as compared with 1928, when I had the opportunity of going into the manufacturing districts and those parts most likely to bo affected by tariffs during that year," said Mr. Norwood. "To advocate tariffs thon, say in Yorkshire, was, to say the least, not diplomatic. Long before the election on this visit I had the opportunity of passing over tho same ground, and conversing largely with tho same people, or peoplo of tho same class, and I was surprised to find that right down in their minds they had como to the conclusion now that tariffs wore tho only thing for Britain. And I am firmly convinced from my trip into, Scotland, and also in tho Midlands, and, to a lesser extent perhaps in London, that the vote of the peoplo as I could gaugo it was one for tariffs rather than 10 give a free hand to Ramsay MacDonald and his National Government. BRITAIN'S UNSEEN WEALTH. "It was obvious to tho masters of industry, and for that matter, to the farmers, that the other nations wero making Britain a common dumping ground. lam quite sure, from conversations with peoplo in moderately high places in Britain, that the powers that bo do not .seek high tariffs, and I am of the opinion that these would not be in tho best interests of tho Old Country. Britain's trado in merchandise with the outer world can bo traced and tabulated, but that, is not so with her financial investments, and these are so great and world wide that, together with her shipping, they form probably tho greatest part of Britain's national dealing. In this regard Britain's success and ultimato prosperity is dependent to a large extent upon the commercial success of other nations. Hoavy tariffs would be against the financial ventures of Britain abroad, and ono lias only to realise the enormous extent to which British capital 13 invested in railways, local body and privates enterprises which absorb her own products abroad, to understand the adverse effect they would have. The desire on the part of Britain to bo able to bargain with other countries will mako her, in my opinion, a big factor 'in the reduction of tariffs all over the world. Britain, with the introduction of tariffs, will be quoted in that connection for the first time, and if the tariffs are low, as seems to be probable, then her action will havo a powerful reducing effect. AN IMPKACTICABLE SCHEME. "One group of industrialists has placed a scheme before the Government whereby negotiablo certificates aro to be issued in favour of any countries purchasing a given amount of Britain's merchandise, or general products, these certificates to be accepted as payment against the duty charged into Britain, to balance the trado of tho different countries. This scheme, while acceptable in many respects, has obviously many difficulties in operation, and it is hardly likely to bo perfected sufficiently to, enable it to'be introduced as a matter of national policy. UNSETTLED EUROPE. "Europe to-day, outside of Britain, is in a v-ery nervous state, as the component countries realise that a great country like Germany cannot go insolvent and be wiped out, as would bo possible with a single business, and there is evidence that it is hoped by the other nations- in Europe that by British diplomacy Franco will be made to agree to private debts having preference over war debts and reparations, as a preliminary to tho readjustment of war debts and reparations themselves. Failure in this would moan that Germany could only borrow on second mortgage, which is so impracticable that it can be put aside without considoration. This being the case, failure to mako privato borrowing tho first call must lead to revolution or even worse in Germany. "It was a pleasant sight to me, as the train camo into Wellington, to see the dock safely moored. Bringing the dock across the world was a great achievement, as all seasons of the year wero traversed, and I struck sufficiently rough seas myself to warrant an anxious feeling as to the progress of the dock. I am sure that tho peoplo of Wellington feel with mo pride that, when this dock is ready for action, the last word in up-to-date equipment in the world will bo provided in Wellington Harbour. It cannot fail to bring trado to Wellington, but it is a duty that tho board lias always felt duo to tho' shipping companies on which the commerce of New Zealand depends. Although it will not show big profit figures, the prudent methods adopted by previous boards has secured the port of Wellington against any possibly incroased charges duo to tho dock not paying a surplus."