HOOVER’S HORROR OF STATE TRADING

Manawatu Times, Volume XLIX, Issue 2339, 8 January 1926, Page 7

HOOVER’S HORROR OF STATE TRADING

Menace to Sane Progress of World NINE RAW MATERIALS WEAR POLITICAL BRAND [By Electric Cable —Copyright.] [Aust. and N.Z. Cable Association.) (Received Thursday, 11.15 p.m.) WASHINGTON, January C. Hr. Hooper, In testifying at the opening of the inquiry being cowducted by the House Commerce Committee into British rubber prices, on Wednesday declared foreign control of rubber prices “threatens not only the sane progress of the world, but contains in it great dangers to international goodwill.” Mr. Hoover said: “It Is this intrusion of Governments into trading operations on a vast scale that raises a host of new dangers; the inevitable aftermath of any such effort by political agencies to interfere with the normal processes of supply and demand.*’ Simultaneously, RepresßntaxlVe MeKeown, of Oklahoma, put forward a proposal for retaliation by increasing the price of United States cotton abroad. Mr. Hoover stated that the Issue before the committee was much broader than the price of any particular commodity, declaring it involved the whole policy the United States should pursue toward a comparatively new and growing menace in international trade. In urging the working out of a broad, constructive solution, he said the situation could not b e solved by acceptance and would only be aggravated by retaliation. At present there were Governmentallycontrolled combinations in nine raw materials: Egyptian cotton, camphor, coffee, iodine, nitrates, potash, mercury. rubber and Sisal.