BRITISH ESTIMATES

Wanganui Chronicle, Volume 73, Issue 115, 17 May 1930, Page 9

BRITISH ESTIMATES

THE BOARD OF TRADE. SAFEGUARDING QUESTION [ British Official Wireless. ] RUGBY, May 14. In a debate in the House of Commons on the Estimates for the Board of Trade, Conservative members deplored the intention of the Government to allow the safeguarding duties to lapse. Speakers pointed to the benefits which industries had derived from the duties and the effect which their removal would have in increasing unemployment. Reference was particularly made t 0 the lace industry of Nottingham.

Mr W. Graham (President of the Board of Trade), replying, said that eight safeguarding duties had been imposed, but those duties related really to less than 2 per cent, of the imports into this country, and to less than 1 per cent, of the exports in tho field of articles wholly or mainly manufactured. During tho time tho duties had been ia force figures showed that the exports had diminished and that was one of the characteristics of many safeguarded industries. Whatever happened in the Home markets the export trade seemed to suffer. Mr Graham could not believe 'the Conservative contention that there had been an advance of 162 per cent, in the home demand for different classes of lace. Beyond all question there was a great majority at the last election for free trade principles. The Government took the proper course, and in his view the sound economic course, in deciding that it would allow these duties to lapse, or at all events give no promise to continue them. Free trade in his judgment was not a negative principle, but a great positive force. It ihad been suggested that France, by possession of tho power of retaliation bad been able to get a consideration which would not have been open to us. The underlying suggestion of the speeches of the Conservatives was that we should have a retaliatory tariff as a weapon in our hands. In his opinion that would be the worst weapon this country could adopt. It would be dis-, astrous to the great leading industries on which this country depended. Reviewing tho trade position, Mr Graham said that since the autumn of last year the country had been exposed to a scries of events which had had a profoundly adverse influence on our industry and commerce. There had been new tariff proposals in the United States and unrest in India. Australia, which had a very large external debt, was now trying under very high tariffs to restrict imports into the country and to encourage exports to improve the position. In Canada, however, there was a more hopeful outlook and he acknowledged with gratitude the concessions which Canada had given to tho Mother Country in the new Canadian tariff.