TARIFF REFORM.

Otago Witness, Issue 3994, 30 September 1930, Page 7

TARIFF REFORM.

BRITAIN’S FREETRADE POLICY.

INIMICAL TO EMPIRE TRADE.

AUCKLAND, September 24.

“ We are at the parting of the ways,” declared Sir George Elliot (chairman of the Bank of New Zealand) in the course of his address at the annual meeting of Messrs Milne and Choyce's shareholders to-day. Sir George was refer ring to the present stagnation of trade and the possible results of the Imperial Economic Conference.

Touching on general trade, he said things were in the melting pot, and the conference that was to commence in London within the next few days might well prove the turning point in the economic conditions of Great Britain and certainly the overseas Empire. As a

result of our preferential tariff, 80 per cent, of New Zealand’s imports came from the Old Country, and it might be estimated that the value of the goods thus represented would include £10,000,000 spent in wages paid to British workers. But for preference it was probable that Britain would lose 50 per cent, of that business. We in the do’’minions supplied goods to Britain approximately of an -equal value, £40,000,000; but our products were sold without any preference. our people had to compete on the British market on even terms with Russia, Japan, Czechoslovakia, and other countries where conditions of life- and wages were much below our standards.

If it should happen that at the coming conference Great Britain’s representatives stood firm on the old Freetrade policy now discarded in all other parts of the world the result might mean a loosening of the bonds of Empire. It

was conceivable that there might be a drifting apart. It would certainly put a severe strain on the Imperial relationship. If on the other hand preference were given by the Mother Country to Empire-grown foodstuffs the extra cost to Great Britain might be very small, but the benefit to the overseas Empire would be of the utmost importance.