TARIFF MODIFICATIONS

Evening Star, Issue 25700, 25 January 1946, Page 5

TARIFF MODIFICATIONS

SACRIFICE OF IMPERIAL PREFERENCE PROCESS OF BARGAINING LONDON, January 24. Any sacrifices of Imperial preference should be compensated by freer access to American and other markets, says Mr R. E. Beckett, 'chairman of. the Westminster Bank, in his annual statement. Remarking that some people' averthat under present financial plans the death knell of Imperial. unifty is being sounded, he continued:'" But the ties of blood and intimate, long-founded trade relationships are riot' so easily disrupted. It is true that Imperial preference will come up for consideration at the projected Trade Conference, with a view to its reduction, but only in conjunction with other forms of trade restrictions and discrimination. The process of bargaining is to be initiated between members, and only arrangements which are considered mutually satisfactory will become effective. No one will be expected to modify a preference or re-, duce a tariff except for a quid pro quo. The aim is, of course, ■to secure a general elimination or mitigation of the obstructionist effects of trade barriers. If Imperial preference makes some sacrifice in this direction, compensation should be forthcoming to the Empire and' to ourselves by way of freer, access to vast' American and other markets." Mr Beckett differs from Lord Linlithgow regarding the nationalisation of the Bank of England. While Lord Linlithgow sees in it the natural development of long-standing trends, Mr Beckett plainly states that he sees no reason why the activities. of the commercial banks should come "under the dead hand of officialdom." He - maintains that the proposed powers to l direct banks are unnecessary, and, unless they are used with great restraint, difficulties may arise between the banker and the customer. Similarly, he maintains that the .Government is " putting the emphasis in the wrong place" by pressing with the, nationalisation of industries at this, time. He describes industries as being in a state of perplexity and indecision, and he believes that progress hangs fire while this " paralysing uncertainty " marks the future of important industries.