TARIFF BARRIER

Sun (Auckland), Volume III, Issue 730, 1 August 1929, Page 9

TARIFF BARRIER

“GLUT OF GOLD IN AMERICA

ARTICLE BY MUSSOLINI

(Australian and N.Z. Press Association) ‘ PARIS, Wednesday. The Prime Minister of Italy, Signor Mussolini, has published a remarkable article in “Le Journal.” It is entitle;! “American Protection and the Economic Future o£ Europe.” Signer Mussolini describes the United States as a nation -which iJ producing 60 per cent. of the world's petrol, half its iron ami steel, ninetenths of its motor-cars and fantastic proportions of its coal and cereals. “Mass production is the contribution of America to our epoch,” says Signor Mussolini. “The home markets of the United States are closed to Europe by prohibitive tariffs. There is no exchange. Europe buys from America twice as much as she sells to her. As a result Europe must pay i'or the excess in gold. “This is producing a glut of gold in America and a lack of it in Europe. To what end is this gold being piled up? it is not an edible product.

“The only course for Europe to adopt is to reduce her importations from America and to organise within her own boundaries—a tendency which is already visible. “America has won the battle for industrial supremacy. All that is left tor Europe is to defend herself in her own markets and in the few neutral markets.”

EMPIRE’S POSITION

DOMINION UNION URGED ALARM OVER TARIFF (Australian and X.Z. Press Association) LONDON, Wednesday. The “Morning Post” expresses alarm at the increasing American tariffs. It says that if the British Government showed a true conception of statesmanship it might say to the Dominions: “Let us join in protecting ourselves against American imposition. Let us also build a tariff wall and so shape our trade as to make the British Empire independent of the entire world.” In the absence of official initiative, says the paper, it rests with the representatives of industry to shape an Imperial policy. British commerce must get busy, otherwise it will awake one morning to find even the Dominions’ preferences gone. Then the country will shrink from an Empire to an island.