ANGLO-AMERICAN TRADE

Wanganui Chronicle, Volume 80, Issue 66, 19 March 1938, Page 10

ANGLO-AMERICAN TRADE

WOOL MANUFACTURERS' VIEW Received March 18, 8.50 p.m. WASHINGTON, March 17. Testifying at the hearing in connection with the Anglo-American trade treaty, witnesses from the National Association of Wool Manufacturers said that Congress intended that only excessive rates should be considered in reciprocal agreements and they should not be affected in the proposed trade pact. One witness declared that the English now enjoy a profitable business in the American markets and a lowering of the wool rates would benefit Japan, Italy and other low-wage countries instead of England. He added that American industry was at the mercy of Japan under the present rates. Another witness stated that the British treaty negotiations were now causing woollen goods buyers to hold down purchases on the possibility of subsequent price reauctions. ROOSEVELT’S ASSURANCE Received March 18, 11.40 p.m. WASHINGTON, March 18. Mr Roosevelt sent a letter to Governor Moore, of New Jersey, assuring him that “whatever concessions are granted in the proposed agreement with the United Kingdom, American industry and labour will be carefully safeguarded.”