FREE TRADE.

Press, Volume LXVI, Issue 20096, 27 November 1930, Page 12

FREE TRADE.

A RUMOUR DENIED. MR SNOWDEN'S DECLARATION. JJHOU oca. on COBEESFONDZiIT.) LONDON, October 23. "An unfounded rumour appeared in the Press that the Government was considering an all-round 10 per cent, import duty for revenue purposes. No Government in which I am in charge of the national finances will ever give serious consideration to a proposal like that." This statement was made by Mr Snowden, Chancellor of the Exchequer, at a "non-Party" Free Trade demonstration at Manchester.

The introduction of a tariff system into this country would strike at tbe purity of the political life of this nation. Parliament would become a sink of corruption. Members of Parliament would go there, not to represent natioual interests, but pledged to support the selfish interests of particular industries.

One of the great causes of tbe world's depression to-day was protection, because it reduced the purchasing power of the people. Within the last few days protection and protectionist policy had been- embodied in a political programme. Ho would not say that it was the last edition of that programme. Lord Beaverbrook and Lord Rothermere were dissatisfied with Mr Baldwin's pronouncement. He did not see why they should be. He would not be dissatisfied with it provided he could tie down Mr Baldwin for a week. Every trade was to be protected, but there was to bo an emergency tariff. A more criminal proposal was never made than that without any enquiry every industry in the country should be thrown into a state of complete uncertainty and dislocation. Dominions' Attitude. Mr Snowden said that tho Dominion Prime Ministers had made it clear what their policy was. They placed the interest of their own Dominions first, and Great Britain next, and foreign countries in the categories of "also ran." They were asking that we should change our fiscal policy in order to give preferential rates on the produce they sent to this country. That meant there could not be Imperial preference between this country and tho Dominions unless there was a tax on food. "Once begin a policy of protection and you are on the slippery slope that leads to the bottomless pit. "There is behind this movement for protection and tariffs a sinister attack upon wages —and I speak of what 1 know."

LEYLAND O'BRIEN TIMBER COMPANY. ANNUAL MEETING. |THE PRESS Special Service.] AUCKLAND, November 26. Sir George Elliot, chairman of directors of tbe Leyland O'Brien Timber Company, Ltd., in moving the adoption of the annual report at the annual meeting of shareholders, said thai under the adverse circumstances prevailing the company had made a Particularly good showing. In all its 3-1 years* existence, there had never been so little timber sold in any one year. The price had been a little higher last year, but for 20 vears the yield from sales had never been so low. Last month only 28 pern;its were issued for the construction of houses in Auckland, and the fact that, this business was distributed among 25 timber merchants illustrated the decline in trade that was being experienced. The company's balance-sheet was much the same. Assets were about £2OOO lower, and profits wore slightly less than last year. The company had a good dividend-paying record, having made a continuous distribution for 33 years. The report and balance-sheet were adopted. TOMATO PULP. RETMPOSITION OF- DUTY WANTED.

A deputation from the Canterbury Tomato and Stone Fruit Growers' Association waited on the executive of the Canterbury Manufacturers' Association last night to enlist _its services in urging tlio Government to reimpos© the duty, reduced last year, on tomato pulp. Mr R. D. Falla (president) stated that the matter was of vital interest to the outside growers. The Government had reduced the duty on tomato from 100 per cent, to 21 per cent. If there was any need for such pulp in New Zealand, the local growers were prepared to supply that demand.

Mr C. E. Pope (vice-president; stated that there was a temporary shortage of pulp last season, in consequence of which the Government by Order-in-Council made the reduction without, he considered, being in possession of all the facts of the case. The pulp came in from California and Australia.

Mr H. Firman (secretary) stated that there was about £250,000 involved in the local tomato hothouse industry, and 300 men owned the glasshouses. Such an industry was worth preserving, he maintained. In answer to a question, Mr Pope stated that most of the pulp came into the Dominion in barrels, and was purchased for use in sauce factories. Some pulp, however, was imported in tins for household consumption. What was wanted was that the higher duty should remain on the pulp except in abnormal times. It was decided to refer the matter to the Tariff and Parliamentary Committee. OTAGO SHOW. (PiIESS ASSOCIATION TELBGHAM.J DUNEDIN, November 20. The Otago Agricultural and Pastoral Association's summer show was concluded to-day in unfavourable weather, and before a moderate attendance. The fallowing championships were awarded : Clydesdale—Stallion, Andrew Grant's Desire, reserve Thomson's, .Ltd., Royal Risque; mare, Andrew Carruthers' Nethertown Mabel (imp.); reserve, John Young's Lady Lawson. Hack —Mrs T. D. Dalziel's Chrysler. Harness horse —T. H. Ivey. PRICE OP GOLD. (UNITED pbess association—electric TEI-EGBArH —COPYRIGHT.) LONDON. November 25. Gold is quoted at 85a Ifid a fine ounce. SALE OF PICTURES.

Jones, McCrostie Co., Ltd., held a successful sale of pictures in their rooms yesterday, when they disposed of 60 water colours at prices ranging from 27b 6d to £3 10s each.