TWO TO A BARGAIN

Wanganui Chronicle, Volume 73, Issue 81, 5 April 1930, Page 9

TWO TO A BARGAIN

AUSTRALIAN TARIFFS PROHIBITION OF IMPORTS IF BRITAIN CEASED TO BUY! (By Telegraph—Press Association—Copyright] Received April 4, 10 p.m. LONDON, April 4. Regarding the new Australian tariffs, the Daily News says: “It takes two to make a bargain; If Australia is not going to buy we may, with the best will in the world, find ourselves in a position in which we simply cannot buy from her. The Daily Telegraph, in an editorial, describes the tariffs as probably the most dramatic and most sudden stroke in modern economic history. Obviously the result must, for the time, gravely restrict Empire trade by reducing Australia’s imports. The situation need not have arisen in the present aggravated form if there had been in the past that close economic consultation and co-operation between Great Britain and the Commonwealth, and Britain would not have been faced as now with a temporary loss of a great slice of her Australian trade. “That is why we say that the moral in the unpleasant news from Canberra is that there should be a getting together so as to turn this misfortune to the best possible use,” concludes the Telegraph. The Daily Chronicle says:—“The Australian tariff must inflict a heavy blow on British trade just when it needs help. While Australia’s new 1 policy is maintained, it will be a waste of breath to talk to the Commonwealth about Empire free trade.”

AN “ASTOUNDING” MEASURE. FOUR RESTRICTION METHODS. SYDNEY, April 4. “Sensational” and “Astounding” is how the Sydney papers describe the new tariff proposals. Mr J. H. Scullin (Prime Minister) said that it was an emergency measure to meet a desperate situation. Four steps will be taken to restrict imports as follows: — (1) Absolute prohibition against the importation of a selected list of items. (2) Partial prohibition; that is, prohibition with power to ration up to 50 per cent, on last year’s imports. (3) Imposition of a heavy surcharge duty on a list of items tabled by the Acting Minister of Customs. (4) The combination of rationing and surcharge measures do not apply to New Zealand, Papua, or New Guinea. The measure is intended solely for the restriction of imports and not to increase revenue. It is estimated that imports will be reduced by £40,000,000 and Customs revenue will be decreased by £10,000,000 to £12,000,000. CONCERN IN LONDON BUSINESS CIRCLES ALARMED LONDON, April 3. Something like consternation was caused in business circles when details of the Commonwealth super-tariff were published. Mr Fenton issued a statement containing Mr Scullin’s announcement increasing tho tariff. It is not connected with the Government’s general tariff policy and it is absolutely a temporary measure, designed to readjust Australia’s adverse trade balance. PARTIALLY PROHIBITED MOTOR CYCLES AND CARS CANBERRA, April 4. The list of goods, the importation of which will be prohibited, will be announced to-day. Sections to which partial prohibition and 50 per cent, increase in duties apply include motor cycles and frame, motor cars and chasis. The new rates do not apply to goods in bond or shipped from an oversea port before to-day.

DISMAY IN SHIPPING CIRCLES. Received April 4, 11 p.m. SYDNEY, April 4. Shipping men regard the new tariff with dismay as there is bound to be a serious diminution of cargo from the United Kingdom, and ballast will have to bo carried. It is definitely stated, however, that the Orient and Peninsular companies will mainain the existing fortnightly services owing to being bound by mail contracts. It is highly probable that a number of tramp steamers will no longer come to Australia owing to lack of cargo.