PROPHET OF CHEER

Sun (Auckland), Volume IV, Issue 1005, 23 June 1930, Page 9

PROPHET OF CHEER

U.S.A. TARIFF MAY LEAD , BUSINESS RECOVERY VAST FOREIGN . TRADE United P.A.—By Telegraph Copyright WASHINGTON, Saturday. The Secretary of the Treasury, Mr. Andrew Mellon, praised the new tariff law in a statement issued today. He said it removed the obstacle to business recovery by eliminating the uncertainty of the last 15 months. He deprecated gloomy prophecies, saying the notion that this law was

going to destroy America’s foreign trade was certainly without foundation. The United States would continue to buy a vast quantity of foreign products, and sell the products of its farms, mines, and factories all over the world. Mr. Mellon warned foreign nations which do business with the United States that they would do well to remember that the all-important factor was the maintenance of the high purchasing power and the standard of living of the American people. A message from New York says another fall on the stock markets today ended the third week of an almost steady decline in prices, which slumped from two to 15 points, but rallied substantially in the last halfhour. The statement by Mr. Mellon was without stabilising effect.