INDUSTRIAL OUTLOOK.

Waikato Times, Volume 107, Issue 18027, 23 May 1930, Page 7

INDUSTRIAL OUTLOOK.

AN IMPOSSIBLE POLICY. United Press Assn.—Elec. Tel. Copyright. LONDON, May 22. Continuing the debate on the industrial outlook in the House of Lords Lord Arnold said the safeguarded industries had actually declined. _ The workers in free trade Britain enjoyed better wages • and conditions than those in protected countries, except America. The leader of the Conservative Party, Mr Baldwin, had only suggested a referendum because he well knew the people of Britain would never vote to put up the price of food. The whole policy of Empire free trade was impossible, because the Dominions would not give up protection and Britain would not give up free trade. Lord Arnold quoted figures to show that the Dominions supplied only a small proportion of Britain’s imported foodstuffs. The Marquess of Huntly moved an amendment in favour of a conference between all the parlies to consider necessary remedial measures and to deal with the situation on non-poli-tical lines. Changed Conditions. Lord Melcliett said that if this were Labour’s answer to the 1,750,000 unemployed and to the people of the Dominions anxious for a sympathetic word for Imperial economic unity, it was more like Shylock’s language than that of a Socialist Government. He had changed his own fiscal views since the war because world conditions had changed. Food taxes played only a fractional part in the question of Imperial economic unity, said Lord Melcliett. Unless they tightened the bonds of Empire, it was hound to disintegrate. Britain’s people would rather pay an extra farthing on a loaf of bread than see the Empire fail. Lord Bcaverbrook said that if the Conservatives would only wholeheartedly take up the policy of Empire free trade there would be complete unanimity among the rank and tile. The Marquess of Huntly withdrew his -amendment. RATIONALISATION SCHEME. BANK OF ENGLAND’S AID. United Press Assn. —Elec. Tel. Copyright. LONDON, May 22. The first rationalisation scheme carried with the assistance of the Bank of England through its Securities Trust is announced. It affects a group of Lancashire coal, iron and steel enterprises. The Bank of England is appointing the first directors of two merger companies and fresh capital is being raised amounting to £1,750,000.