TARIFF ISSUE.

Press, Volume LXVII, Issue 20351, 25 September 1931, Page 11

TARIFF ISSUE.

different opinions. debate in the commons. (Received September 24th, 9.50 p.m.) T , LONDON, September 23. -in the House of Commons. Sir John aimon (Liberal) said the departure om 7*6 gold standard meant that tlie need for a balanced budget was uioro urgent than ever. Many argued that such departure automatically disposed o the problem of the adverse trade balance. Temporarily it would block imports, but only indiscriminatinglv, whether food, raw materials, or luxuries. The depreciation of the pound sterling had no relation to Imperial preference. Lord Hugh Cecil (Cons., Oxford University) said: Though revenue tariff might be harmless, a tariff definitely intended to restrict imports would be disastrous, as it would destroy a large part of tlie country's wealth coming irom abroad, and suffocate our foreign trade. To balance trade, we must increase our exports, and this is only possible by reducing the costs of prodution.

CONSERVATIVES UNITED. (Received September 24th, 10 p.m.) LONDON. September 23. The political correspondent of "The Times" states that the Conservatives are at present the only united Party, Mr Stanley Baldwin, Sir Austen Chamberlain, Sir Samuel Hoare, and Sir Philip Cuuliife-Lister are entirely agreed that the suspension of the gold standard has not removed the urgency for an emergency election, which is the only method of satisfactorily introducing a tariff.—"The Times" Cable.

FALL IN STERLING. VALUES ABROAD. (UNITED TEESS ASSOCIATION—ELECTRIC telegraph—copthiobt.) LONDON, September 23. Values of the pound sterling during the past two days were as follows: — Tuesday. Wednesday, s. d: s. d. New York ~17 3 16 ICKV Paris .. 17 2 16 9 Amsterdam .. 17 4 16 11 Brussels .. 17 2 16 104 Berlin .. 18 Montreal .19 3 IS 9 Stockholm ... 19 9 j 2 18 2 Copenhagen .. 19 9J 19 8

FINANCE BILL. second reading passed. LONDON, September 23. The Finance Bill passed the second reading by 297 votes to 238. BANK OF ENGLAND GOVERNOR. (BBITIBB QIHCIA.L WIRELESS.) RUGBY, September 23. Mr Montagu Norpaan, Governor of the Bank of England, returned to England to-day from Canada, whore he ha 6 been holidaying.

STERLING IN UNITED STATES. REVOLT AGAINST PESSIMISM. NEW YORK, September 23. The pound sterling to-day closed at 4.10 dollars, and the Canadian dollar at 94 cents. Wall Street revolted against pessimism. News of the wage-cuts, rumours that railroads would soon get relief, and the confidence implied by the good tone of the London markets, and the removal of the . ban on short-selling here, gave quotations a rapid lift. The principal stocks, at their best, were from two dollars to 15 dollars reduced the gains, but buying was resumed in late dealings, rail shares closing virtually at their best prices, with industrials andl utilities showing advances r* ir Tuesday s final quotations of from two dollars six dollars.

AUSTRALIAN BONDS RECOVER. (Received September 24th, 8.5 p.m.) NEW YORK, September 23. Australian bonds recovered some of their week's losses to-day. Commonwealth 4* per conts., £3B, wealth 5 per cent., 1955, £4l, 5 per cent., W57, £37, 81u68 > lo " 10i points, selling at £29 15s. New South Wales 5 per cent., 19o', £2B, lost threo points. , g New South Wales, 5 per cent., 19oS, £27 10s, lost five points. Queensland 7 per cent, £sl, g ain ono point.

NEW ZEALAND PRODUCTS.

INCREASED SUPPLIES URGED. LONDON, September 23. Tho New Zealand Dairy Produce of the prospect of tho depa rture foreign imports fol own,, of SST SMS 4 SffiE tezpjssnssrx*prices. DUTCH BANKERS' SYNDICATEsi;^s.»r= its;vsrr= f :=*»- and is functioning normally-