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Hokitika Guardian, 23 June 1933, Page 4

“One is apt to forget,” stated'Dr. E. Heldnng, ex-presiuent of the Amsterdam Clumber of Commerce, in the course of a recent lecture in London, “that what is at present rightly regarded as tire gravest credit crisis tile world lias ever been exposed to has by no means its roots in monetary causes aione, but also in Government interxoiences with production and distribution. No financial or monetary device wiil be effective without the simultaneous opening or doors to goods and services.” Pie thought a pracid'.ai way to. achieve at least a paruai result might be obtained by uiiviiig % wedge into the tariff walls oy a number of States agreeing on a gradual reduction of duties in favour of each other, the agreement remaining open to any future ‘adherents on tin; same'conditions. It implied an agreement to derogate from the unconditional most-favoured-national treatment, with the object of creating ?. zone of greater freedom of trade and, in the long run. perhaps universal freedom. The British Government defended the unconditional application cf the most favoured nation clause and the use of tariffs for bargaining purposes. But as. the bargaining value of a tariff war, necessarily limited under the eb.usp by the obligation . to extend concessions to third parties, and in the case of Breat Britain by Imperial preference, Governments, in order to attain their aims, were tantamount to discrimmination. It was one of the most vexatious forms of complicating, trade and negotiations even when effective, He contended that quota,-, would have to be 'abolished if the unconditional clause was to remain, and even then it would not be likely to bring about any notable reduction of duties under present conditions.