A DRAMATIC STROKE

Poverty Bay Herald, Volume LV, Issue 17227, 5 April 1930, Page 5

A DRAMATIC STROKE

NEW AUSTRALIAN TARIFF SEVERE BLOW TO BRITAIN MAY HIT BOTH WAYS (El~c. Tel. Copyright— United Press Assn.) (Received April ;">, 10 a.m.) LONDON, April 4. The Daily Telegraph, in ;in editorial, describes the Australian tariff as probably (he most dramatic and most sudden stroke in modern economic history.

"Obviously," it says, "the result must for a lime gravely restrict Umpire trade by reducing Australia's imports. The situation need not have arisen in its present aggravated form if there had been in the past close economic, consultation and co-opera-tion between Great Britain and the Commonwealth, ami Britain would not have been faced, as now, with the temporary loss of a great slice of her Australian trade. That is why we say the moral is unpleasant. The news from Canberra is that there should be a getting together so as to turn this misfortune to the best possible? use.

The Daily Chronicle says: "The Australian tariff must inflict a heavy blow on British, trade just when it needs help. While Australia's new policy is maintained, it will be a waste of breath and talk to the Commonwealth about Empire free trade."

The Daily News says: "It fakes two to make a. bargain. If Australia will not buy we may, with the best, will in the world, find'ourselves iu a position in which we simply cannot buy." SHIPPING MEN ALARMED STOCK EXCHANGE QUIET NO APPKECIABLE REACTION (Received April 5, 10 a.m.) SYDNEY, April 5. Shipping men regard the new tariff with dismay, as there is bound to be a serious diminution of cargo from the United Kingdom, and ballast will have to bo carried. It is definitely stated that the Orient and Feninsulur companies .will maintain their existing fortnightly services owing to being bound by mail contracts. It is highly probable that a number of the tramp steamers will no longer come to Australia owing to the lack of cargo. Usually a sensitive barometer to any change iu the commercial and financial outlook, the Stock Exchange gave no appreciable reaction to the new schedule. The view is held that the Government will have to resort to direct taxation to compensate for loss of revenue as a result of the curtailment of imports. The Commonwealth Government has issued a proclamation .totally prohibiting the importation of furs and skins and certain articles of wearing .apparel; also various kinds of agricultural machinery, petrol pumps, and dried fruits, while in the rationed articles are ale, porter, wines, and cigarettes. Large manufacturers here are of the opinion that the new tariff will result in lower prices of all goods protected. One linn of implement makers has already announced a 5 per cent. reduction in fanning and agricultural machinery. Many importers, however, who placed overseas orders months ago for winter delivery have been placed in a most embarrassing position. CONVERSE OPINIONS DEPRESSION OR PROSPERITY? (Received April 5, 11 a.m.) SYDNEY, April 5. With the announcement of the tariff proposals, local manufacturers claim that Australia is on the threshold of an era of prosperity similar to the boom that followed when like action was adopted in the United States about 60 years ago. Opponents of the tariff point out many anomalies, and predict greater unemployment and trade depression.