WAR DEBT BURDEN

Evening Star, Issue 21092, 3 May 1932, Page 12

WAR DEBT BURDEN

NO TRADE RECOVERY UNTIL LIGHTENED [Per United Press Association.] AUCKLAND, May 2. Speaking as a British manufacturer, Mr S. W. Pascall, president of Rotary International, who arrived _ hy the Aorangi to-day, said that tariffs wore weapons that should bo used with care and caution. They had boon used in tho past to strangle trade, while their object should bo to promote trade. Mr Pascall expressed tho view that tho British tariff should bo used to develop trade within the Empire and with those countries giving Britain low tariff's. If it were used in that way it would be useful, but if it were used merety to exclude competitors who could make first-class goods at a lower cost than Britain, on account of their natural advantages, then it could bo most harmful. Our policy at Ottawa, said Mr Pascall, should be tho Empire first and the rest of the world next. It was necessary to have an exchange of goods between the countries of the world. Imports w'ere not necessarily injurious, nor were exports necessarily beneficial. Referring to reparations, Mr Pascall said that Britain’s attitude was a willingness to wipe out everything and place herself in tho position of collecting only sufficient to pay tho people from whom she had borrowed. Unless considerable reductions were made in tho war debt payments and in reparations, trade would not recover. America and France were the countries that were giving tho most trouble in that connection. As far as the gold standard was concerned, he did not think anybody in England wished to see it come hack to tho old basis. Some international standard would have to be devised if trade was to function in the future.