U.S. STANDS OUT

Poverty Bay Herald, Volume LII, Issue 17174, 26 October 1926, Page 7

U.S. STANDS OUT

REVISION OF TARIFFS ALL RIGHT TOR EUROPE (Australian and N Z. Cable Association.) WASHINGTON, Oct. 24. The annual review of Hie Department of Commerce points out that, on the heels of (lie great success attain od by the British rubber restrictions, various foreign governments have sought to raise the prices of long staph' cotton, camphor, coffee, iodine, nitrates, potash, mercury and sisal fibre, most of these being essential to American industrial activity and' for which America is the greatest single consumer to the extent of 1.600,000 000 dollars annually. Mr. U. Holt, chief of the rubber division of the Department of Commerce, states that, unless some deterrent arises, the enormous profits of some of the. controls in operation will not "only serve to stimulate unreasonable prices for other controlled products, but will also serve to encourage attempts upon still other commodities. It is the belief of the department that this development, will be retarded by a demonstration of practical defence. Action was taken in the case of rubber during the last fiscal year.

The Secretary of the Treasury, Mr. Mellon formally on behalf of the administration, has given notice that the economic manifesto, signed by European and United States hankers and proposing the levelling of tariffs in the interests of trade, will not he applied in the United States. Mr. Mellon says the proposal appears to be directed at. European countries, and that, to cut the United States tariff would reduce, rather than increase, the United States purchases abroad. In its application to Europe, the manifesto receives Mr. Mellon’s approval.