BRITAIN'S TRADE POLICY

Taranaki Daily News, 11 August 1930, Page 9

BRITAIN'S TRADE POLICY

SAFEGUARDING SUPPORTED

LOWER WAGES ALTERNATIVE

BANKERS QUERY SUCCESS By Telegraph—Press Assn.—Copyright. Rec. 5.5 p.m. " London, August 9. Barclay’s Bank Review contains an interesting article with reference to the bankers’ resolution passed on July 4 supporting safeguarding. The Review argues the only alternative policy to that of a low safeguarding tariff which might enable Britain to develop the Empire market and still retain through lower costs of production a fair share of the trade of other foreign countries, would be through a reduction in wages.

Such a policy, however, obviously would bo attended with great difficulty even though it could reasonably be hoped that an adjustment of wages corresponding with the costa of living might become acceptable on broad lines. There was, however, no guarantee that a reduction in costs of production in Britain might not be negatived by still higher tariffs imposed by foreign countries. Therefore the most practcable line to follow to obtain more rapid development of Empire markets as well as retaining Britain’s other foreign trade would seem to be safeguarding industries of Britain and securing effective power for bargaining in the interests of manufacturers’ trade, as proposed in the bankers’ resolution.