IRON AND STEEL

Southland Times, Issue 25310, 13 June 1935, Page 7

IRON AND STEEL

BRITISH INDUSTRY AGREEMENT MADE WITH CARTEL GREATER CO-OPERATION (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, June 11. The British Iron and Steel Federation in a statement regarding a conference with the International Steel Cartel held at Luxemburg on June 4 says the British delegation consisted of 10 members representing the various sectional interests and was led by the president, Lord Dudley, and the chairman of the executive committee, Sir Andrew Duncan, who acted as chairman of the British delegation and the conference. An agreement was reached for the co-operation of the British industry with the. International Steel Cartel at (he expiry of the present temporary agreement on August 8 next. By the terms of this agreement, which is for five years with a break at three years at the instance of either party on giving six months’ previous notice, imports into British markets from cartel countries of all iron and steel products coming within the purview of the federation shall not exceed 670,000 tons during the first twelve months. In each subsequent year during the life of the agreement imports shall not exceed 525.000 tons per annum. The agreement also secures for the British industry that proportion of the total export trade in neutral markets which it enjoyed in 1934. The existing international agreements in which the British industry is participating, covering rails, tinplates, etc., form an integral part of the general agreement. To give effect to the general agreement a number of subsidiary agreements _ will be necessary, involving negotiations between the various sections of the iron and steel industry and the corresponding sections in the cartel. These negotiations are proceeding and will be pursued unremittingly until completed. The statement adds that the importance of comprehensive co-operation between such basic industries on a worldwide scale can hardly be exaggerated. In effect it is calculated to increase economic stability in the participating countries, and thus contribute, substantially to a restoration of international trade and nrosnerity.