ECONOMIC POLICY

Hokitika Guardian, 29 March 1930, Page 6

ECONOMIC POLICY

TREND IN DOMINIONS. Discussing the trend of economic policy in the Dominions, the “Times” Trade Supplement says:—lt is always easy to be wise after the event, and now that everyone knows how the development of the Empire has proceeded it is not particularly difficult to point out what tne statesmen of earlier 'generations should have done to direct progress into, channels more advantageous to those islands. L’nfortunateGy statesmen will have no opportunity of puting into practice this belated wisdom, for there are no more wide, open spaces awaiting the advent of British pioneers to establish new Dominions. But if it is not very helpful to knou wlmt our forefathers ought to have done it is definitely mischievous to advocate a policy which’Lakes no account of what they actually did. For good or evil it was decided long agoMhat the great colonies in (lie temperate zones should have the right of sclf-govei'i'i-ment, which includes, of course, the unl'otterecl right' to ado jit' whittbvei' fiscal policy seems most expedient. . .icre was a time when there was enthusiastic support for a policy of reciprocal preference in trade. At the Colonial Conference in 1907 the plan was unanimously approved. But the United Kingdom steadily refused to enter into any such arrangement,-' and this opportunity was lost, just as an (.earlier opportunity' to ■ establish free ’trade within the Empire had been missed. lii the last 20 years the position has changed. To-day the Dominions arc determined to develop their own secondary industries and to safeguard them against the competition of'manufactures in the United Kingdom. That may lie a wise policy, or, if carried to extreme lengths and enforced too suddenly, it may be an unwise policy; the point is at the moment irrelevant. The fact that is important and revelant is that this policy holds the field and will not he changed and it follows than any efforts which are made to develop trade within the Empire must take the present facts into .consideration or. he doomed to ultimate failure. If is permissible to regret the facts;, it is unpardonable to ignore them.