AUSTRALIA’S TARIFF

Otago Daily Times, Issue 20222, 7 October 1927, Page 9

AUSTRALIA’S TARIFF

LONDON PRESS OPINION. •‘PROTECTION AN OCTOPUS." (Press Association—Bj Telegraph—Copyright.) LONDON, October 6. (Received Oct. 6, at 9 p.m.) Concerning tire agitation in New York for a wider field for the Australian loan flotation in New York, coupled with the Now York bankers’ opinion, it is understood that an important official opinion on the subject has been forwarded to Mr Bruce from London. It is interesting to note that the whole of the proceeds of the last New York flotation have now been transferred to London, where there is conjecture if Mr Butler s reference to £18,000,000 shortage in Australian loan requirements foreshadows an early approach either to London or New York, or both. It is understood there is no probability of such before November, if then.,The Liberal press features cabled extracts from the Tariff Board’s report. The Daily Chronicle states that the worst of Protection is that when it is once adopted it becomes an octopus, fastening its tentacles on -the neck of the State. There is a whole network of vested interests in Australia ready to resist a reduction in tariffs to the utmost. The Daily News states that what the example of Australia proves is that even peoples apparently self-supporting, selfcontained, and far removed from the internecine struggles of States with artificial boundaries and interlocked industries cannot play with high tariffs without paying a penalty. When America has discovered what Australia and Europe have discovered, there will be real help for an economically sane world.—A. and N.Z. .Cable.