CRISIS IN EXPORT TRADE

Timaru Herald, Volume CXXXVII, Issue 19769, 10 April 1934, Page 7

CRISIS IN EXPORT TRADE

PLANS TO EXPLOIT SITUATION POWERFUL INTERESTS AT WORK United Press Association —By Electric Telegraph—Copyright (Received April 9, 7.0 p.m.) LONDON, April 8. "The Daily Chronicle” says: “Powerful commercial and political interests are trying to exploit the situation consequent on the expiry of the Ottawa dairy agreements in June 1935. Mr Walter Runciman (President of the Board of Trade) is so involved in foreign trade agreements and Mr Elliott (Minister of Agriculture) is so entangled with British marketing schemes, that the Government will probably restrict New Zealand dairy imports when the Ottawa agreement expires. A large farming section appears quite prepared to ruin local industry, in return for unrestricted agricultural markets. British manufacturers are being organised to support this attitude, and British and New Zealand commercial interests are issuing propaganda. Thousands will be made and lost in speculating on the ultimate Anglo-New Zealand agreement.”

JAPANESE TRADE WITH THE EMPIRE. VALUE OF AUSTRALIAN MISSION. United Press Association —By Electric Telegraph—Copyright LONDON, April 9. “The Times” says: “Mr J. H. Latham’s mission to Japan has the warm approval of the British Government, who believe it will serve a valuable purpose. Australian opinion has resisted the efforts of scaremongers, and prefers to regard Japan as a friend. It is known that the Japanese Government will welcome direct diplomatic relations with Australia, but Australia, thus far, has not favoured the idea. Of more immediate interest is a trade agreement. Australian opinion is definitely turning from the ideal of self-sufficiency. This change in sentiment will greatly facilitate commercial negotiations with Japan.”

STATE OF EXPORT TRADE. REVIEW BY AUSTRALIAN AUTHORITY. United Press Association—By Electric Telegraph—Copyright (Received April 9, 9.25 p.m.) SYDNEY, April 9. Addressing the annual conference of the New South Wales Graziers’ Association to-day, Mr James Walker (president of the Association) contended that the general export position did not warrant any alteration in the exchange rate and any reduction would plunge such industries as meat, butter, wheat, and base metals into chaos. He appealed for a lowering of trade barriers and hoped that Australia would forsake the road which led to prohibition and restriction to national self-sufficiency and economic warfare and eventually to war itself. Discussing the wool outlook, Mr Walker said: “The future is more than usually uncertain by reason of the unstable international situation. The atmosphere is one which calls for caution and consolidation of our position. There is a lack of balance in the situation, which demands that we should be on our guard against the creation of boom conditions, with over rapid expansion of credit, speculation and boosting of land values, and soaring of costs.”