THE EMPIRE

Wanganui Chronicle, Volume LXXXIII, Issue 19840, 14 May 1927, Page 7

THE EMPIRE

FINANCIAL MATTERS Suggested Formation of Imperial Customs Union LOANS FOB DOMINIONS (By Telegraph—Per Press A^sn. —Copyright,] (A. & N.Z.) LONDON, May 12. The Australian, Mr McCormack, and Mr Patel, president of the Indian Legislative Assembly, were the chief guests at the Empire Parliamentary luncheon. Mr L. S. Amery (Secretary for the Dominions) said that he hoped Mr McCormack would obtain a loan in Britain on favourable terms. Mr McCormack emphasised that it was essential that Britain should pro : vide cheap money to assist the Dominions to develop trade and migration. Britain within a decade would be faced with the problem of forming a customs union with the Dominions or an association with Europe, resulting in the Dominions raising tariffs against the older countries. Personally he hoped for an Empire customs union, enabling Australia, assisted by British money, to develop her manufactures without even British competition, buying in Britain goods she was unable to make economically. The United States, with money to burn made from the war and Britain’s misfortunes, was anxious to lend to Australia. On the contrary, Australia preferred support from Britain, which took her primary produce, instead of exporting to another country. Queensland would only borrow from the United States if she was compelled to. Mr Patel said that he hoped the Indian Legislature, with its largely extended powers and status, would soon welcome at Delhi representatives of Empire Parliaments to discuss mutual problems.