QUOTA CRISIS

New Zealand Herald, Volume LXX, Issue 21555, 28 July 1933, Page 9

QUOTA CRISIS

DOMINION'S CASE I GRAVITY OF POSITION j IR. MASTERS' PLEA FOREIGN GOODS FIRST STRONG ARGUMENTS / Telegraph—Press Association—Copyright (Special (o United Press Association. N.Z.) ' (Received July 27, 5.5 p.m.) LONDON, July 2G In tho course of a speech at a luncheon to-day at the Spitalficlds fruit market, the New Zealand Minister of Industries and Commerce, Mr. R. Mastors. referred to tho matter of quotas. The Minister said: " Wo in New Zealand do not like the idea of tho quota ns applied to our produce." (Applause). " Wo aro a young country in tho midst of our development and wo have tremendous responsibilities in regard to money we liavo borrowed for that development from Britain. If, as a young country, we are told wo must stand still, then the position will bo very serious for the Dominion, equally as far other Dominions. " ]f quotas aro to come in Britain they should bo applied first to foreign poods." (Applause). " When I add that New Zealand, with a population of only 1,500,000, has purchased from Britain Itiofo than £30,000,000 worth more

British manufactures in fire years than Denmark, £50,000,000 worth more than Russia; £42,000,000 worth more than Japan, £26,000,000 more than China, yon will realise that the trade position between Britain and the Dominion de-perves-some recognition. Trade With the Mother Country " A member of the House of Commons has said the Dominions should buy more of their imports from Britain, bul New Zealand, with her liberal tariff preferences and free entry for a large proportion of British goods, is doing her utmost to consolidate trade with the Mother Country. 'Tor instance, in 1931 we imported £24,000,000 worth of goods, of which £12,000,000 worth was from Britain and £5,000,000 from other Empire countries, while the total value of our foreign im- , pprts. was only £7,000,000. / " But it must also bo remembered that more than £6,000,000 worth of our outside trade was for goods Britain could not supply. Still there are a great number of articles left which Britain can sell to us, on which she has a preference of 10 to 25 per cent, such for instance as wireless sets and tractors. / Heavy Interest Debt to be Met " There is no justification for saying New Zealand should do more trade with Britain," continued Mr. Masters. " In addition to our purchases we have had to find £6,000,000 a year for interest on national loans, £2,000,000 for local bodies' interest, another £1,000,000 for dividends and private Investments, and at least £5,000,000 on inward freights. So that praceically 00 per cent of the money wo have received for our produce in Britain has pome back to her. ," That being so, and if a restriction ml our output is forced on us, where ■will other countries, which are buying much less proportionately from Britain, come in?" . 'Mr. Masters said the Economic Conference may not have been the success all could have wished, but the contact which Mr. Forbes and himself had had with New Zealand's business and / marketing affairs in London, and m dealing with the acute marketing problems in these difficult times, had elone made their visit worth while.