UNITED STATES TARIFF

Hokitika Guardian, 14 August 1929, Page 2

UNITED STATES TARIFF

BUSINESS MEN LOOKING FOR INTER-EMPIRE TRADE. v - AUCKLAND, August 12. “I found* the wheat crops between British Columbia and Winnipeg looking very poor, which" was responsible for a sensational rise in prices,” said Mi* Norton Francis, of Christchurch, who arrived by the Makura to-day from Canada after investigating the Winnipeg Wheat Pool and Wheat Exchange. . Mr Francis said that he visited many cities in the United States and found the conditions even more prosperous than during his visit of 1927, and all sections were looking forward to another successful year’s business. Referring to the gambling on the American Stock Exchange, he mentioned the high bank rate charged brokers, which made for very small margins for those buying ; in fact, they were being continually squeezed out, and it seemed that there must come; an end to that class of speculation,'although investors refused to believe that “finis” could be written to the transactions. It seemed, difficult to believe that the prices realised 'for investment stocks on .the markets could reasonably expect dividends in many instances. Mr. Francis said that Canadian business men were resenting the proposed high tariff of the United States, and were seriously looking for more trade within the British Empire. The trouble, as far as New Zealand was concerned, was to know whether Canada could take more goods without interference with Canadian interests. As. far as butter was concerned, the importation of the New Zealand produce "was resented by farmers of British Columbia where it was sold at a few cents per lb less than the butter made in Canada In the United States business men were in a quandary as to the difficulties with which the American farmer was placed in regard to the continual rise in the price of commodities, and a good deal of interest was being taken in the personnel : of the Federal Farm Board. A definite suggestion had been made for a solution of the present difficulty by what was known as the restriction of produce on the markets. The proposal was that less fruit and other supplies should be gro ( wn, in order to keep the market level and prevent gluts. The American farmer found that while his implements and all gear and commodities were steadily rising in price, there Was not a corresponding rise in the price of the output, and if a glut came chaos would result.