UNITED STATES TRADE.
STATEMENT BY MR. MELLON
[GOOD EFFECT OF TARIFF. .WARNING TO COMPETITORS. fi . STOCKS STILL FALLING. By Telegraph—Pres3 Association—Copyright. (Received June 22, 6.5 p.m.) WASHINGTON. June 21. The Secretary of tho Treasury, Mr. (Andrew Mollon,' praised the new tariff law in a statement issued to-day. He said ifc removed the obstaclo to business recovery by eliminating the uncertainty of the last 15 months. He deprecated gloomy prophecies, saying the notion that this law was going to destroy America's foreign trad© was cortainly without foundation. The United States would continue to buy a vast quantity of foreign products, and sell the products of its farms, mines find factories all over tho world. Mr. Mellon warned foreign nations .which do business with the United States that they would do well to remember that tho all-important factor was the maintenance of the high purchasing power and tho standard of living of tho American people. A message from New York says another fall on tho stock markets to-day ended the third week of an almost steady decline in prices, which slumped frfom two to 15 points, but rallied substantially in the last half-hour.
Tho statement by Mr. Mellon way without stabilising effect.
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Bibliographic details
New Zealand Herald, Volume LXVII, Issue 20597, 23 June 1930, Page 10
Word Count
200UNITED STATES TRADE. New Zealand Herald, Volume LXVII, Issue 20597, 23 June 1930, Page 10
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