FREE TOME SEESAW

Taranaki Daily News, 9 July 1930, Page 9

FREE TOME SEESAW

BANKERS CREATE A STIR THE OPPOSITION AMAZED CO U NTRY -WID R DLS (' USS 10 N British Wireless. Rugby, July 7. The declaration on the subject of Imperial trade relations, which was issued last Friday signed by 14 prominent London bankers and others, was discussed at a large number of political meetings during the week-end. The manifesto declared that the immediate step for securing and extending markets for British goods lies in reciprocal trade agreements between the nations of the British Empire. Sir Austen Chamberlain, speaking at Birmingham, coupled the announcement with that of the trade unions whose recent report, he said, represented a complete change of view on the tariff question. Sir Philip Cunliffe-Lieter, who was President of the Board of Trade in the late Government, speaking at Tenterden, said the pronouncement was of tho highest consequence as the signatories included some who in the past had been among the most rigid adherents of free trade. Mr. C. T. Cramp, secretary of the National Union- of Railwaymen, epeakino- at West Hartlepool, emphasised the need of overseas markets keeping pace with the growth of population in Britain. Ho said the trade union committee believed that new difficulties necessitated a new outlook, unhampered by tradition. The liberal leader, Sir Herbert Samuel, was very critical of the manifesto jn a speech at Altrincham. He said it was not to lie supposed that the signatories were speaking for the institutions to which they belonged. He awaited information that the directors of those institutions had passed resolutions for a protective tariff. He illustrated the difficulties of reciprocity and said the adoption of the plan advocated would cause continual uncertainty in the-conduct of business and would involve a general rise in the core of food. Sir Josiah Stamp, a Liberal, who w one of the directors of the Bank of England, in an interview with the Daily Herald, said the circumstances of the issue of the manifesto were shrouded in mystery. A day or so before two, at least, of the signatories were as staunch free traders as they ever were. The Chancellor of the Exchequer, Mr. Philip Snowden, interviewed last ii'gnt. said of the 14 signatories only about half appeared to be bankers, and he characterised as impudent their profession to represent financial opinion. The Foreign Secretary, Mr. Arthur Henderson, at Cromer challenged Lord Beaverbrook’s statement that 200 Labour members of Parliament were willing to transfer their allegiance to Empire free trade. There were not two score prepared to adopt that policy in tiie way Lord Beaverbrook was advocating. It is reported that the bankers’ manifesto will be discussed to-night at a Liberal Party meeting at the House of Commons. The publication of the manifesto has created great interest abroad, notably in the United States and German v.

MOTION BY CONSERVATIVES. DISCUSSION OF SAFEGUARDING. Rec. 9.35 p.m. ' London, July 7. Following a meeting of Conservative leaders Mr. Stanley Baldwin and Mr. Neville Chamberlain gave notice to move that the House, believing a return to prosperity can best be promoted by safeguarding the home markets against unfair foreign competition, and the expansion of the exports market by reciprocal trade agreements with the Empire overseas, regrets that the Government reversed instead of extending safeguarding and arbitrarily excluded from consideration the imposition of duties on foreign foodstuffs devised to obtain equivalent advantages for British manufacturers and agriculture in the Empire markets and elsewhere. Mr. Baldwin is demanding an early debate which will definitely establish whether the Government is prepared to bring the matter up for discussion at the Imperial Conference in the autumn, and also afford the frankest and most definite statement regarding the policy on Empire economic unity. _ ■ The Empire Industries Association’s executive passed a resolution cordially welcoming the bankers’ manifesto.