CANADIAN FINANCE

Hokitika Guardian, 2 May 1930, Page 5

CANADIAN FINANCE

HUGE SURPLUS

PROPOSED .CUSTOMS ALTERATIONS.

(United Press Association—By Electric

J. eiograjju —Copy ngli l . j

(Received this rlay at 10 a.m.) OTTAWA; . May 1

The Minister oi Finance (Mr Dunning) in a Budget speech, announced an estimated surplus or -14,5-U/,couuol. lor tne .fiscal year. He announced numerous and complex changes Vi the tariff rales, involving unuer the general tar.lf increased rates on fil'ty-rour items and decreases on l'orty-six. Untier the intermediate tariff, increases in rates on tlurty-nve items and decreases on ninety, and under British preferential tariff increases on eleven items and decreases on 270.

"When the revision is completed, the .Customs Tariff will consist of llfeb items, of which 589 will he tree under British preference.

The changes proposed, Mr Dunning said, will have the effect of greatly increasing British preference in tlie Canadian market.

“Canada /is not engaged in tariff war . with any country,” he said, and stated that the tariff changes were not the result of any bargain with any other country. They are an expression or the spirit in which Canaria would approach the Imperial Economic Conference in a few months’ time. We do not intend to meet other countries or British Commonwealth of Nations in a spirit of petty bargaining, but rather in a broad spirit of willingness to become, in ever increasing measure, good customers to those who treat us in like manner. This is the spirit in which we desire to meet all nations, but we believe that within the British Commonwealth of Nations lies the greatest measure of opportunity for .mutual development of trade, because of our common heritage of a hundred institutions and common patriotism. »

The Budget itself, under the countervailing tariff makes the duty on vegetables, eggs and .grain the same as that of countries exporting to Canada.-, The duty on British grown tea will he removed. Canadians abroad will be made subject to income tax. M]r Dunning announced that the duty on New Zealand butter would be increased from one cent, to four cents per pouiid., The trade agreement now in operation with New Zealand would ho terminated oil October 12th., and details of a new agreement would be announced soon.

AFFECTING NEAT ZEALAND

OTTAWA, May 1

Mr, Dunning .added: After October 12th. Canada will extend full British preference to New Zealand. The Government of Canada has proposed to the Government of New Zealand that a direct trade agreement should be negotiated to "supersede the present arrangement. We hope to be able to arrange for a, meeting of representatives of both countries in the near future, in order to endeavour to reach' a'-mutually satisfactory agreement. Mr Dunning announced he expected the completion’ of a Newfoundland trade agreement shortly.

OTTAWA, May 1

-. Th-k increased duty on New Zealand butter- will become effective on October 12th, not immediately.

CANADIAN RESENTMENT. WASHINGTON, May 1

Lieut. Colonel Woods (President of Canadian Chamber of Commerce) told the United States Chamber of Commerce: “The ruthless enactment,” in the Tariff Bill, preventing the sale of Canadian goods in the United States was causing a sentiment of injustice to spread over the Dominion and 20 per cent, of the lost trade which would result from its passage, was not so important as the spirit being created' thereby.”