EARLY MOVE

New Zealand Herald, Volume LXXV, Issue 23200, 21 November 1938, Page 13

EARLY MOVE

BRITISH JDOMINIONS | POSSIBLEMPARLEYS 'AUSTRALIA'S POSITION ,THE WOOL SITUATION (Received November 20. 5.5 p.m.) NEW YORK, Nov. 19 The American press is discussing tho possibility of the early negotiation of trade pacts with Australia, New Zealand and the Argentine. Tho New York Times' Washington correspondent states that the outlook for negotiations with Australia is believed to bo good. The Secretary of State, Mr. Cordell Hull, is said to be spending a few days considering what has been accomplished beforo deciding on his next move. Importers have pointed out that the wording of a clause in the AngloAmerican treaty makes possible further reductions in tho duties on a wido range of woollen products if tho present tariff rates on raw wool, now assessed at 34 cents per lb., are reduced. Tho treaty provides for reductions in certain types of finished wool fabrics in proportion to those granted on raw material. This clause, it is held, has been inserted with an AustraliauAniorican agreement in mind, as raw wool would play a major pa,rt in it and tariff reductions would bo bound to affect the position of finished fabrics. The complexities of the agreements have deterred most manufacturers and traders from specific comment. However, tho National Association of Wool Manufacturers assailed the reductions on woollen cloth, contending that a severe blow had been dealt the United States' wool industries. From tho political viewpoint praise is showered uppn the treaties™ A typical comment is: "It is the first great step back to normal in an abnormal world. It is the first indication, perhaps, that Munich was not the end, but the beginning." UNANIMOUS APPROVAL BRITISH PRESS COMMENT REDUCING TARIFF BARRIERS ALL DOMINIONS CONSULTED British Wireless RUGBY*, Nov. 19 Unanimous approval by thei press is accorded the trade agreements, between Britain and the United States, and Canada and the United States. Comment on the former agreement is enthusiastic. "This is a Splendid Agreement," is the heading of the Daily Mail leader. The News Chronicle (Liberal) describes the agreement us the most important commercial treaty ever concluded by Britain with a foreign Power. The Times says that the important mutual concessions, apart from the value of giving a lead in reduction of tariff obstacles, should prove a direct benefit to the two countries by stimulating tho exchange of goods between them. Referring to the negotiation on parallel lines.' of the United States and Canadian agreement, the Times says: "Some concessions made by Britain reduced the value of preferences guaranteed to Canada by the Ottawa Agreement, and it, was necessary to iseek compensation in the American market. Other Dominions were affected in a similar way, although not perhaps to the same extent. They did not attempt to negotiafe parallel agreements, but were consulted at every turn in the negotiations which might affect their interests. . i . "The British Government negotiated on behalf of Newfoundland and the colonial Empire, as well as ol: Britain. The inclusion of the colonies and the active co-operation of the Dominion and the Indian Governments in all discussions give tho agreement the character of tl joint effort by the United States and the whole British Commonwealth to promote a revival of world trade." , The Daily Telegraph says: 'There can be nojdoubt that this agreement is by far the most powerful assault yet made on the tremendous barriers against international trade erected during the depression." MUTUAL AGREEMENT SUCCESS OF NEGOTIATIONS BENEFIT TO BOTH COUNTRIES British Wireless RUGBY, Nov. 19 Tho Foreign Secretary, Viscount Halifax, instructed the British Ambassador to .Washington, Sir Ronald Lindsay, to hand the following message to the Secretary of State, Mr. Cordell Hull:- ' - "Pleaso assure Mr. Hull of my great personal satisfaction over the success of the negotiations. 1 am very hopeful that tho agreement will be welcomed not only as a first step toward the extension of trade_ through the reduction of tariff barriers, but also as a signal example of what can be achieved when two Governments, animated by mutual goodwill and determination, overcome difficulties Mr. Hull's personal contribution to the happy result of our labours has been most valuable." Mr. Hull,replied: "I fully share the gratitude which you express over the successful result of our efforts and am deeply appreciative of the spirit of goodwill and understanding displayed during the whole period of our negotiations. T am surp the agreement will prove mutually beneficial to both our countries, and I am hopeful it may be an important step toward the restoration of world trade." ADVERSE BALANCE GERMAN FOREIGN TRADE BUTTER IMPORTS DECREASE BERLIN, Nov. 18 , Germany's foreign trade for October, including that in Sudetenland, shows ?a adverse balance of £11,800,000, maklnß a total of £12,500,000 in three months. There are largo decreases in tho imports of eggs and butter. The latter is scarcer than ever.