BRITISH INDUSTRIES

Southland Times, Issue 21090, 23 May 1930, Page 7

BRITISH INDUSTRIES

CONCERN REGARDING OUTLOOK.

MORE SAFEGUARDING FAVOURED.

(British Official Wireless.) Rugby, May 21.

In the House of Lords, a motion expressing grave concern regarding the industrial outlook and demanding as the most immediate and practical remedy a comprehensive policy of safeguarding of industries, antidumping, and Imperial economic unity, was carried by 103 votes to 25.

Lord Salisbury, supporting the motion, said that he favoured a greater extension of the revenue tariff and believed that the feeling against food taxes was quite irrational. So long, however, as there were no food taxes, indirect taxation, whether in the form of safeguarding or otherwise, must be kept within limits, because high protection without food taxes was impossible. The Government opposed the motion. Lord Arnold restated the case for free trade, explaining that-the depression was worldwide and instancing the United States of America, whose export trade had declined 20 per cent, compared with Britain's decline of 9.1 per cent.

Continuing, Lord Arnold said that safeguarded industries had actually declined. Workers in free trade Britain enjoyed better wages and conditions than those in protected countries, except America. Mr Baldwin had only suggested a referendum because he well knew that the people of Britain would never vote to put up the price of food. The whole policy of Empire free trade was impossible, because the dominions would not give up protection, and Britain would not give up free trade. He quoted figuers to show that the dominions supplied only a small proportion of our imported foodstuff's. Lord Melchett said that if this were Labour’s answer to 1,750,000 unemployed and to the neople of the dominions anxious for a sympathetic word for Imperial economic unity, it was more like Shylock’s language than a Socialist Government’s. He had himself changed his fiscal views since the war because world conditions had changed. Food taxes played only a fractional part in the question of Imperial economic unity. Unless we tightened the bonds of Empire it was bound to disintegrate. Britain’s people would rather pay an extra farthing on a loaf than see the Empire fail. Lord Beaverbrook said that if the Conservatives only whole-heartedly took up the policy of Empire free trade, there would be complete unanimity among the rank and file.

Under 50 peers were present when Viscount Elibank submitted a motion and the Marquess of Huntly moved an amendment in favour of a conference between all parties to consider the necessary remedial measures to deal with the situation on nonpolitical lines. The Marquess of Huntly later withdrew his amendment.

BANK’S ASSISTANCE

SCHEME OF RATIONALIZATION.

(Rec. 9.40 p.m.) London, May 22. The first rationalization scheme carried out with the assistance of the Bank of England through its Securities Trust is announced.' It affects a group of Lancashire coal, iron and steel enterprises. The fresh capital being raised will amount to £1,750,000.