TARIFF FOR BRITAIN.

New Zealand Herald, Volume LXVIII, Issue 20988, 26 September 1931, Page 9

TARIFF FOR BRITAIN.

SIR JOHN SIMON'S VIEW.

HINT TO MR. SNOWDEN.

ATTHUDE OF LABOUR. Br-t T t !e^ aPh r PreS3 A3sociatioi *-Copyri S ht. British Wireless. RUGBY. Sept. 2,. on the second reading of the Finance Bill in the House of Commons Sir John Simon said the chief defence against uncontrolled inflation was a Budget balanced by every means available. the State, by rigid retrenchment and by unpleasant taxation, was able to meet current expenditure without recourse to borrowing, it was safe from the misuse of the printing press for purposes of inflation.

Only bv methods such as those proposed could the stability of the British financial system be preserved. With enormous world forces changing hour bv hour, there was a clear need to proceed more swiftly than by ordinary Parliamentary procedure. He hoped the Chancellor of the Exchequer in particular would rise to the height of his opportunity.

The House interpreted the closing phase or fcir John. Simon's speech as an invitation from the Liberal benches to the Government, to undertake a tariff policy. Mr. G. H. Shakespeare, Labour member for Norwich, said an emergency tariff would be tolerated, and that the nation would consent to even greater sacrifices if a strong Government called for them. The Labour Opposition criticised the taxation proposals on the ground that the burdens were unequally distributed, to the disadvantage of the working classes. PROPOSAL SUPPORTED. CHAMBERS OF COMMERCE. MINISTERS URGED TO ACT. LONDON, Sept. 24. Sir Clare Lees, who presided at a meeting of the Associated Chambers of Commerce at Lincoln, has sent a telegram to Mr. Baldwin and Sir Herbert Samuel urging the imposition without delay of a tariff on imports. People wanted to trade with Britain, but her goods were too dear. They must buy from those who bought from Britain. HEAVY COTTON SALES. MILLS TO BE REOPENED. MORE WORK IN LANCASHIRE. LONDON". Sept. '2l The sales of cotton at Liverpool to-day were 45,000 bales, the highest total for 40 years. The Lancashire Cotton Corporation has decided to reopen four large mills, employing 1500 people, owing to orders received in the past few days. Steel works at Barrow, which employ 1400 people, will be reopened on Monday.

At Manchester more business was done in a single day than for a considerable time. Beth spinners and manufacturers were busy booking orders, and it is confidently predicted that many spinning j mills and weaving sheds which have been closed for many months will shortly be reopened. SHAREBROKERS BUSY. ACTIVITY ON EXCHANGE. GENERAL CONFIDENT TONE. LONDON". Sept. 24. There was another active day on the Stock Exchange to-day. There were sharp rises in numerous gold mine, oil and industrial shares, following the advance in commodity prices, but British funds were all easier, owing to the foreign exchange movements. There was no change in the bank rate to-day. Metal prices recovered further from the iow record figures of last week. The general tone is confident, but there is no disposition to overlook the possibilities of a reaction. HEAVY SELLING. NEW YORK STOCK MARKET. GOVERNMENT ISSUES FALL. NEW YORK, Sept 24. Heavy selling swept the stock market to-day and prices fell heavily. The closing net losses ranged from three to fifteen dollars a. share, cancelling yesterday s gains. Numerous issues established new low records for the present "bear" movement. The break also extended to bonds, and those of the United States Government fell sharply. TRADE IN CALCUTTA. SIGNS OF A REVIVAL. FIRMER EXCHANGE MARKET. (Received September 26, 12.35 a.m.) CALCUTTA. Sept. 25. Apart from the natural rush there was no untoward incident on the reopening of the banks tins morning after three days' ..-losing. Indeed there was greater confiwhich is reflected in the firmer exchange market. The exceptionally large number of «: I port bills is an indication of a small revival of trade.