STRONG OPPOSITION

Evening Post, Volume CXVI, Issue 25, 29 July 1933, Page 11

STRONG OPPOSITION

ECONOMIC NATIONALISM

Strong opposition to any quota restrictions on the export of New Zealand's primary products to the United Kingdom was expressed at a meeting of the Associated Chambers of Commerce- yesterday, when it decided to cable the following resolution to the

Prime Minister (tho Rt. Hon. <J. W. Forbes): —"This association is apprehensive regarding the introduction of the quota system for the regulation, of international trade, -and is particularly alarmed at the suggestion that tho export to tho United Kingdom of New Zealand primary products should be subjected to restriction by quota. It urges on the Government and on all concerned that New Zealand should offer its utmost reciprocity to Great Britain in order to preserve free entry into the United Kingdom of New Zealand products."

"The quota system is the latest aud most wicked example of economic nationalism that the world has yet had, and it is heading us for disaster," says a statement issued subsequently by the executive of the Associated Chambers. "We Have just had a breakdown of the Conference in London, and it has broken down, because of the one thing —economic nationalism. Unless we can get an international outlook with regard to economics we. are not going to get anywhere with restrictions generally. The way to world restriction is becoming plainer and plainer every day. It requires four or five very definite matters established.

"First, it requires the stabilisation of international currency—not necessarily a return to the gold standard—but it wants some stabilisation of currency on some agreed basis. Until wo can. get a stabilisation wo are not going to improve world trade. Arising out of this there will automatically come some settlement of the war debt question.

"The next thing that we want is the absolute abolition of quotas, embargoes, and restrictions, and the abolition of Government subsidies to industry. Those are the things which are holding up the wheels of international commerce. Finally, we want a scaling down of international tariffs. We nvc not likely to got it immediately, but wo can start on the road to it. Until we make some approach to adjusting these matters we are going to struggle along in chaos as we are at present."