BRITISH IRON DUTIES

Taranaki Daily News, 15 April 1935, Page 5

BRITISH IRON DUTIES

FOREIGN CARTEL’S DUMPING. NEGOTIATIONS ON SUBJECT. British Official Wireless. Ree. 5.5 p.m. Rugby, April 12. The House of Commons to-day approved the new duties recently imposed on iron and steel imports. The President of the Board of Trade, Mr. Walter Runciman, said imports from foreign countries rose last year by 36 per cent. Negotiations had taken place between English producers and the Continental cartel for a reduction of foreign imports and for the allocation to British exports of markets under cartel influence. It appeared certain that no real prospect of agreement existed. In the absence of official action the Import Duties Advisory Committee accordingly recommended duties equivalent to 56 per cent, ad valorem at present prices, which were dumping prices. Conversations would be resumed on April 16 with the cartel and he hoped a satisfactory arrangement would be reached.