PROTECTION EXTENDED

Poverty Bay Herald, Volume LIX, Issue 17918, 24 October 1932, Page 7

PROTECTION EXTENDED

BRITISH IRON AND STEEL NO INCREASE IN DUTIES TWOYF.AU term fixed (British Official Wireless.) Bee. 10 a.m. RUGBY, Oct. 22. 'The report of the Import Duties Advisory Committee with regard to iron and steel duties has been issued, accompanied by a Treasury order for a furthci continuance for a period of two years of the duties now in force. The committee states that such continuance is to bn subject to satisfactory progress being made in preparation of a scheme of reorganisation, and in putting an approved scheme into force. The first report by the national committee for the iron and steel industry, appointed to work out schemes for reorganisation and development, draws attention to the severity of the effect of the general industrial depression on the iron and steel industries of the whole world, and to the intensified international competition which is the result. Statements by authoritative representatives of the great Continental organisations of iron and steel manufacturers are cited to the effect that export sales I his year have been at prices far below the cost of production. Before I lie adoption of protective measures, British industry was suffering from this uneconomic competition to an exceptional degree owing to the relatively higher standards of wages and labor conditions. The national committee urges some greater measures of assistance in regard to tariff protection for a limited number of products, and the removal of uncertainty as to the duration of existing duties. The Import Duties Advisory Committee shares the national committee’s views as to the difficulties which uneconomic foreign competition puts in the way of reorganisation, and as to the desirability of removing any uncertainty regarding a continuance of flic protective policy. For the present, no increase in the existing level of protection is recommended, but if, when a satisfactory reorganisation scheme is ready, foreign dumping lias not ceased, it will proceed to recommend such further protective measures as may be necessary.