BRITISH POLITICS.

Gisborne Times, Volume XII, Issue 1077, 19 December 1903, Page 2

BRITISH POLITICS.

THE FISCAL CONTROVERSY

By Xolegraph—Press Association—Copyright Received 12 4 a.m., Dec. 19 Lodclod, Dec. 18. Mr Asquith, at Ipswich, said the freetrade campaiu was going on very we!!. It was very significant that the majorities in the two great Tory sltongholds had been substantially reduced. Whatever Britain might suffer from trade depression her people were belter off than the population cf protected countries. The colonies were entitled to fiscal autonomy. While ready to welcome any contribution in their patriotism, they offered common burdens in our defence. We could not claim it when they had no voice in determining an Imperial policy and taxation. It was trifling with frets to treat the Empire as if it could apply to its members the same system as tho united States of Germany applied to parts wherever they had sovereignty.

Received 12.43 a m., Dec. 19 London, Deo. 18. Mr Felix SehMier, vice-president of the institute of hankers, addressing an influential gathering of city bankers and financiers on tho fiscal question, advocated a Itoyal Commission to conduct an exhaustive enquiry into all great industries compared with similar industries of other countries. Nevertheless the time was singularly inopportune, because the dislocatiou produced by tho war still continued. When told the unity or tho Empire was involved ho thought it strange that the interests of London, whore the Imperial sentiment was so strong, were hardly mentioned, though it was the financial centre of the world. If British trade was restricted to narrow channels, then those gaining our ti-Rde would oust us out of our supreme position in tho international money market. Received 12.57 a.m., Dec. 19 London, Dec. 18. Mr Felix Schafter, continuing, said he doubted the efficacy of preference, retaliation, or protection. He favored the fewest possible restrictions on trade. The inevitable consequence of preference on foodstuffs would bo tho absence of all competition, and prices consequently would rise greater than tho duty. What would happen in the event of war with only a colonial source of supply ? If wages rose the cost cf all productions would rise. Taxation of foreign manufactures would further raiso prices and increase the cost of living. If tho cost of manufacture were increasing and our exports to natural markets decrease, the colonies would derive no benefit, because thoy would pay more for our manufactures. Their protectionist systems would be stimulated to tho further exclusion of British goods. Another result would bo fewer chauces of employment. We would be unablo to risk foreign trade. The Imperial shipping industry experience showed that protective Bystems had a constant tendency to grow. Retaliation was entirely a matter of application aud degree. We ought to negotiate treaties minimising the effect of hostile tariffs. He strongly favored the creation of a special Government department of commerce, which would consult experts and take the country into its confidence before making changes in th.e commercial policy of the Empire. Lord Hillingdon said that America was great, not because of its fiscal heresies, hut in spite of them. English workers were not ready to change places with Gorman. Sir Robert Giffen advised a special enquiry into tho earnings of shipping. He said the figures would astonish those who described invisiblo exports as exports that never could become visible. Received 1.15 a.m., Dec. 19. Mr Sohurtor (not Schafter, as previously mentioned) declared that so many Gov- : eminent departments dealt in business that it would bo difficult to create a Minister of Commerce. It would be bettor to secure that each member of the Cabinet be better acquainted with commerce. Mr R. B. Martin, member of the Houso of Commons, doubted if a scheme of fighting hostile tariffs would diminish London’s trade.

Professor Marshall said tho union of the race was a higher ideal than the union of the Empire. If they wished to retain their hold of the Pacific they must have America’s friendship. lie advocated a big ’Anglo-Saxon-isnu Professor Annitagc-Smith thought that Ms Schurter’s economics were excellent. It was impossible to make a good exchange by building a barricade to keep goods out. > Most oi the unemployed unable to work ought to be taught to work. It was a false notion that tariff could he fought by tariff.-