Free Trader Talks Freely at Geneva

Sun (Auckland), Volume II, Issue 356, 17 May 1928, Page 9

Free Trader Talks Freely at Geneva

EDITOR OF “ECONOMIST” ATTACK ON PROTECTION (United P.A.—By Telegraph — Copyright) (Australian Press Association.) Reed. 11.40 a.m. GENEVA, Wed. Mr. Walter T. Layton, editor of ‘‘The Economist,” in a very able address before the Economic Commission, began by frankly declaring himself a free trader. He directed the attention of the conference to what he termed the very striking and bold report of the Australian Tariff Board for 1927, especially to the passages stating that there was a mischievous tendency to abuse the protective system, the result of which was seen in an increase in cost prices, the cost of living, and wages. There was a tendency on the part of industry to shelter itself slothfully behind the Customs barriers, and that the producers of raw agricultural materials would now be asking for increased protection, resulting in a lower output and the survival of obsolete methods of cultivation. Mr. Layton commended the report to the earnest consideration of the conference, emphasising that it was compiled by a body responsible for one of the highest tariffs in the world. Among the observers who are attending the conference are a number of representatives of American trusts. One who has just concluded a course of inquiries in Europe told the ‘‘Daily Telegraph’s” correspondent that the only hope of his country or of the Continent of Europe lowering tariffs was for the whole of the British Empire to put high tariffs on foreign manufactured goods. IMPATIENCE SHARED - A feature of yesterday’s proceedings was a speech delivered by Mr. Vernon Willey, ex-president of the Federation of British Industries. He said the employers shared the workers’ impatience at the existing conditions. Full, clear and prompt information must be required from all countries in order to steady trade and to avoid alternations of booms and depressions. These caused fluctuations and led to unemployment and misery. Professor Laur (Switzerland) protested that the conference had never sanctioned the idea of free trade. Economic peace was its supreme aim.