REPEALED

Wanganui Chronicle, Volume 79, Issue 306, 28 December 1936, Page 7

REPEALED

Anti-Australian Law ACTION BY JAPAN COMPLETE ACCORD REACHED RAYON MARKETS BOOM Received Dec. 27, 6.5 p.m. TOKIO, Dec. 26. The Tariff Commission has repealed the anti-Auslralian safeguarding law preventing imports, from January 1 next. The Domei says that the Prime Minister, Mr Arita, informed Cabinet that a complete Australian accord had been reached, ana consequently each was lifting the trade restrictions against the other by the end of the year and normal relations would be restored. News of the intending agreement boomed the rayon and cotton yarn markets throughout Japan. Prices rose so rapidly that at Fukui, the big rayon centre, the market suspended transactions. Japanese millers view the resumption of Australian trade relations with mixed feelings Decause, while they are glad to regain Australian wheat, whose quality and price are satisfactory, they are aiarmed at the prospect of Manchuria again importing Australian flour and wheat, as presumably Manchukuo also will now lift the embargo. WOOL FOR JAPAN FOREIGN PIECEGOODS RESTRICTED AUSTRALIA’S BARGAIN Received Dec. 28, 1.15 a.m. MELBOURNE, Dec. 27. The settlement of the Japanese trade dispute was announced to-day by Sir H. S. Gullett, who said that an agreement for 18 months had been reached whereby Japan agreed to restrict the export to Australia of cotton piecegoods and artificial silk, excluding calico for bagmaking, to 102,500,000 square yarns. Japan is issuing permits for the import of 800,000 bales of Australian wool in the 18 months’ period beginning January 1 at the rate of 533,000 bales a year. Both country would remove the prohibtion now operating and Australia would reduce the duties on cotton piecegoods to the 1934 level.