PACT WITH ARGENTINA

Northern Advocate, 3 May 1933, Page 5

PACT WITH ARGENTINA

TEXT PUBLISHED MEAT ,AND,EXCHANGE ADJUST- ; MENTS, LOWER RECIPROCAL DUTIES.

(British Official Wireless.) (Received .1 p.m.) RUGBY, May 2. Tlie text was published tonight of the trade convention between Britain and the, Argentine, which was signed yesterday by Dr. Roca, head of the special Argentine mission to Britain, and Mr Walter Runciman. The subjects dealt with in the convention are the treatment of Argentina meat, the exchange position in Argentina, and the tariff treatment of both countries’ goods. The articles dealing with Argentina meat provide that if it should become necessary, in order to secure remunerative prices in the United Kingdom market to reduce the various categories of Argentina meat below the Ottawa levels, the effect upon the price level desired shall not be negatived by replacing these reduced imports from Argentina countries, including the British Dominions. The Argentina meat is promised fair and equitable treatment. Regarding the exchange position the agreement provides that, after the deduction of a considerable sum annually towards the payment of Argentina public external debts in countries other than the United Kingdom, the full amount of sterling exchange resulting from United Kingdom purchases of Argentina produce will be made available for current remittances to the United Kingdom. The frozen peso balances will be funded by the issue by the Argentine Government of sterling bonds.

An Essential Phase, 'Regarding tariffs, a. supplementary agreement eontaining provisions as to duties and the quantitative regulations to be applied by eaeh country to the others goods, will be concluded as soon as possible and will form an essential part of the convention. If this supplementary agreement is not concluded by August 1 next, the convention may be ■ ended by either party at a month’s notice. Any dispute arising shall, at the request of .either party, be -submitted to. the Hague Court, unless both agree to some other.;tribunal or procedure. The convention comes into force when ratifications are exchanged, and will remain in -force for three, years to be terminable at six months notice. The .ratifications, will be exchanged in London as early-as possible. Negotiations With Others, Answering- a number of questions regarding the trade agreements negotiated and projected, Mr Runeiman, in the House .of Commons, said that the text of the agreement with Sweden was being prepared for early signature. The agreement with Denmark laid before the House last Aveek would, he .estimated, result in an annual increase in British exports to Denmark of about £1,200,000, representing an increase in employment of nearly 0000 persons. Detailed negotiations with Finland would begin on May 20. When general trade negotiations with the German .Government opened, probably after the World Economic Conference, the question of German duties on British cotton yarns would be raised, Air.Runeiman stated that he had recently discussed with the Japanese Ambassador the question of Japanese competition with British goods in world markets, and asked him to put -certain suggestions before his Government, Mr Runeiman promised to make a -statement on this' subject in the near future.

INTERESTS OF DOMINION. CONSULTATIONS ARRANGED. (Received 1..‘10 p.m.) LONDON, May 2. The Argentina trade agreement with Britain provides for consultation with the chief meat exporting countries, including- the Dominions, in the event of a reduction of Argentina chilled beef becoming necessary.

It also provisos that imports of Argentina chilled. beef will be reduced more than 10 per cent, below the imports of the year ended June 30, 1932, unless imports of chilled beef, apart from reasonable experimental shipments of, frozen meat from all meat, exporting countries, including the Dominions, are also reduced by a percentage equalling that of the reduction of Argentina chilled beef below 90 per cent, of the imports in the corresponding quarter ending June 30, 1932.

Britain undertakes not to restrict imports of frozen beef, mutton or lamb in excess of those specified in Schedule IT of the Aniglo-Australian agreement of Augu’kt 2b,' 1932 j unless the - Dominions’ 1 imports are also restricted. Argentine sterling bonds are to be issued al 1 per cent., repayable within 20 venfs.