BRITAIN'S TRADE

Otago Daily Times, Issue 21544, 16 January 1932, Page 11

BRITAIN'S TRADE

THE ADVERSE BALANCE EARLY LEGISLATIVE ACTION (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, January 14. Last night the committee of the Cabinet which has before it the problems of correcting the adverse balance of trade met, and good progress has been made with the task. The Times recalls that in a speech in the House of Commons last September the Foreign Secretary (Sir John Simon) declared that the country would have to abandon its policy of free imports, and he added: “There is a growing feeling in Ministerial circles that legislative action will have to be taken as soon as the House of Commons meets again. When the committee has presented its report to Cabinet it will be for Ministers to decide how action can be taken with the least dislocation of trade.” It is anticipated that a further order under the Abnormal Importations Act will be issued shortly. EMPIRE PREFERENCE. LONDON, January 14. Simple ad valorem duties pending the creation of a tariff board to promulgate a full scientific tariff constitute the chief suggestion of the programme of the Grand Council of the Federation of British Industries to restore Britain’s prosperity. It states; “Industry would accept duties on food and raw materials, or other measures to obtain the widest possible extension of Empire preference.”

THE TARIFF PROPOSALS. COMMITTEE’S CONSIDERATION. LONDON, January 15. . (Received Jan. 15, at 11.30 p.m.) The Cabinet Committee which is considering tariffs is representative of the three parties and is expected to reach a decision in a few days. The problem is being considered from the sole viewpoint of trade and the financial situation. It is recognised that the position as regards the balance of trade demands that not a moment shall be lost in introducing remedial measures. All the indications point to the probability that the committee’s recommendations will be in favour of a -tariff. The legislative programme includes Bills providing for a wheat quota, town and country planning, and rent restrictions.