SMASHING BRITISH TRADE.

Poverty Bay Herald, Volume L, Issue 16424, 7 May 1924, Page 7

SMASHING BRITISH TRADE.

NEW CHANCE FOR, GERMANY.

EXPERT’S 1 VIEWS OF THE REDUCED' LEVY.

LONDON, March 20. —“It makes it possible for the Germans again to smash British trade.’’

In this sentence Mr, Godfrey Cheeseman, secretary of the National Union of Manufacturers, summed up British industry’s view of the Government’s reduction of the German Reparation duty of 26 per cent, to 5 per cent. “There is hardly a miscellaneous trade that will not bo affected,’’ continued Mr. Cheeseman, “and manufacturers in the Birmingham district, to. mention but one, look upon the reduction as disastrous.’’

Au official of another important national trade organisation pointed out that those making a speciality of importing foreign, and particularly German goods, welcomed the reduction. “They think,” he said, “they will get German goods cheaper, but they can be quite certain that the Germans have not lost their canning, and the British importer will stiff have to pay a great deal more than he should do for their products. MORE UNEMPLOYMENT.

“Even if importers benefit, manufacturers, who are the backbone of British trade, will suffer by unfair competition, thanks to the depreciation of the mark, and, through the manufacturers, the working men—with German goods flooding the country again there will not be so much work to 1 be done.” Sir. James Kemnal, of Messrs. Babcock and Wilcox, points out that Germany will be able to attack the foreign markets and compete severely with British manufacturers, as her production costs will he so much lower.

“Although manufacturers are going to he very hard-hit by the reduced levy,” said n financial expert, “the real sufferer is the British citizen. The Government lias made the very handsome present of £8,000,000 a year to. the. Germans—£B,ooo,ooo which should have come into the British. Exchequer for the relief of British taxation. Not only are we to lose that relief hut. German industry is being financed to that extent at our expense. “It is like giving an implacable enemy the gun with which to shoot von; for, with the development of German industry there will be am onslaught on British trade which is bound to have its effect on employment and wages in this country.”