TRADE WITHIN THE EMPIRE.

Timaru Herald, Volume CXXV, Issue 18613, 8 July 1930, Page 9

TRADE WITHIN THE EMPIRE.

Britain’s Only Salvation. BANKERS’ RESOLUTION DISCUSSED. I British Official Wireless RUGBY, July 5. , In political circles much discussion j centres upon the resolution adopted by j many leading bankers and industrial- 1 ists regarding tariffs and Empire j trade. The document, which was transmit- j ted yesterday, advocated prompt mea- ; sures for stabilising inter-imperial ; trade. It is pointed out that restrictions upon European trade, instead of decreasing, had increased, and while retaining a hope of the ultimate extension of the area of free trade throughout the world, expressed the view that an immediate step required was interimperial trade agreements, secured by leaving the British markets open to Empire products, and imposing tariffs on imports from other countries. Press Views. The importance of the document is minimised by Free Traders. The “Daily Herald” (Labour), describes It as interesting rather than important and states that the signatory bankers were expressing their personal opinion rather than their official views. __ It thinks the city views are stiff nearer to the bankers’ manifesto of October, 1926, in favour of Free Trade and that the present resolution is the product of a minority group. A similar line is taken by the Liberal papers. “The Daily Mail” and “Daily Express” regard the resolution as an important score for the Empire Free Trade policy they dre advocating The “Telegraph” says that in Conservative circles the resolution is welcomed as justifying the action cf Mr Baldwin in advancing the policy of economic unity of the Empire, and that in the new situation the disappearance of a referendum is held to be inevitable. “The Times” says that the resolution taken in conjunction with the report; on economic policy by the General Council of the Trades Union Congress is held by Conservatives to give Mr Baldwin every right to reconsider the postion regarding his referendum pledge should he desire to do 3>. Business Circles Interested. The bankers’ resolution is the dominating topic in political and business circles. It is recognised everywhere that it will provide the strongest impetus to the cause of Empire economic unity.

Conservative circles welcome the pronouncement, as justifying the action of Mr Baldwin in putting the economic issue in the forefront of the programme.

The Beaverbrook supporters claim that the resolution is a staggering triumph for their cause. The Liberals were at first dumbfounded, and unable to minimise the importance of the document, including the signature of their own ex-Chancel-lor, Mr R. McKennh. They are apprehensive lest the disappearance of free trade will endanger the Party’s independent political existence. An attempt to launch a counter - manifesto was found to be formidable. Labour opinion is divided, and a growing section is inclined to experiment with tariffs. Pronouncements are expected at an early date from all three Parties. Views of Organiser. Mr Whigham, a director of the Bank of England, and the organiser of the bankers’ meeting, in a message to Lord Beaverbrook, said:— “The bankers’ manifesto is but further evidence what the country needs and wants now, without waiting for a referendum on Empire Free Trade on the lines you advocate. You have awakened the nation to a sense of its peril. Conditions are too serious to listen to the bickerings of political groups. The leaders of Empire Free Trade must put the policy now to the British working men and who have never flinched a bold decision when the case was frankly stated.”