AMERICAN TARIFFS

Hokitika Guardian, 1 August 1929, Page 6

AMERICAN TARIFFS

EFFECT ON EUROPE

(United Press Association—By Electric Telegraph—Copyright). PARIS, July 31. Mussulirti publishes a remarkable article in a journal entitled “American Protection and the Economic Future of Europe.” Mussolini pithily describ-; es the United States as a nation producing sixty per cent, of the world’s petrol, lia'lf its iron and steel, ninetenth^.,of its motor cars, and fantastic proportions of coal and cereals. He adds: “Mass production is the contribution of America to our epoch.” He goes on to say that the home markets of the United States are closed to Europe by prohibitive tariffs. There is no exchange. Europe buys, from America twice as..much as she sells, and as a result Europe must pay excess in gold, which is producing a gin in America and lack of gold in Europe. To what end is her gold being piled up ? It i's not an edible product. The only course for Europe is.to reduce importations from America, and organise within her own boundaries a tendency which is already visible.” He concludes: “America has won the battle for industrial supremacy. All that is left for Europe is to defend herself in her own markets, and a few neutral markets.” . LONDON JOURNAL’S COMMENT. LONDON, July 31. The Morning Post is alarmed at the increasing American tariffs. It says, If the Government showed a true conception of statesmanship, it might say to the Dominions: “Let us join in .protecting ourselves against the American imposition. Let us build a tariff wall," and so shape our trade as to make the British Empire independent of the whole world. Tn the absence of official initiative, it rests with representatives of industry to shape Imperial policy’. British, commerce must get busy, otherwise it will wake up one morning and find even Dominion Preferences gone; ihen t'” country will shrink from an Empire into an island.”