IRON AND STEEL

Taranaki Daily News, 4 June 1934, Page 5

IRON AND STEEL

REMOVAL OF DUTIES.

MARKET RECOVERY FIGHT.

London, May 1.

An order for the removal of the present time limit on iron and steel duties has been made. The iron and steel industry welcomes the Cabinet’s decision, and the newly-formed British Iron and Steel Federation will now go ahead with its plans. The decision also means that the £2,000,000 scheme for the reconstruction of the Cardiff and Dowlais works, which was suspended owing to the uncertainty of the position, will be put in hand immediately.

The Daily Telegraph states that a few of the iron and steel manufacturers are still unreconciled to the new federation. They deplore the loss of its cherished autonomy, but the main contention of those who were foremost in pressing for the retention of the dutltj is that a securely protected home market will, enable the capital required to modernise works and redur: s the cost of production to be raised The fight now will be for the recovery of the world markets. ,

The British Government two years ago imposed a duty of 33J per cent, on imported iron and steel, on condition that the industry was reorganised on modem up-to-date lines. the manufacturers thereupon formed the British Iron and Steel Federation, which drew up a five years’ plan for the reorganisation of the industry and the' plan was approved by the Treasury.