CUSTOMS TAX CUTS

Grey River Argus, 19 June 1933, Page 5

CUSTOMS TAX CUTS

FOR ALL COUNTRIES U.S.A. Proposes Ten Per Cent. (Aus. & N.Z. Cable Assn.) (Received June IS at 7.10 p.m.) LONDON, Juno IS. The American Delegation’s suggested agenda fur the Economic Commission proposes ten per cent, reductions on import duties as from June 12th, including a corresponding reduction in the surtaxes, and also a corresponding liberalisation of the other import restrictions, ami the equitable operation of the import quotas. 11 also proposes the extension of the customs truce for a .sufficiently long term after thp close of the Conference to enable a stable basis to bo had for the developing of international trade 'adjustments by means of bilateral negotiations or otherwise. (economic CONFERENCE MOVES. The committee of the Monetary and Financial Commission of the World Conference this afternoon decided, to recommend to the Plenary Commission on Monday the creation of two subcommittees. one on :..n immediate measure of financial reconstruction, and the other on permanent measures for the re-establishment of an international monetary standard. The first sub-committee will consider the following questions; Credit policy, price levels, limitation of currency fluctuations, exchange control, problems of indebtedness and the resumption of lending. The second sub-committee will consider the functions of the central banks, the co-ordination of their policies. monetary reserves and silver. Mr Cox welcomed the unanimous agreement reached as a happy augury. The committee also decided, on the suggestion of Herr Kienbock and the Chairman, to invite the President of the Bank of International Settlements. Air Leon Fraser, and representatives of the Financial Committee of the League of Nations, now in London. to co-operate with the committee. TARIFF TRUCE. RUGBY. June Hi. It is announced that forty-one no’ tions have now signified their adhesion to the temporary tariff truce. These nations represent amonj them approx" imatclv SO per cent ol the trade rhe world.