AMERICAN MINIMUM TARIFF

Taranaki Daily News, Volume LII, Issue 358, 8 April 1910, Page 5

AMERICAN MINIMUM TARIFF

SIR J. G. WARD INTERVIEWED.

m\\ T ZEALAND'S LOAN,

Uy Telegraph,—Press Adsuciiu:uu. Dunedin, Last Xight,

The inclusion of acw Zealand by the United States of America in the application of the minimum tariff was the subject of a brief interview by a Lyttelton Times reporter with the Prime Minister this evening. '•The only important item of export from New Zealand to the United States which is subject to duty," said Sir Joseph, ,; is wool, and the duty upon that is 11 cents per lb, and that is the »ame rate at which it will be under the minimum tariff. Supposing we had not been included in the minimum tariff, the United States could discriminate against us to the extent of an advance of 55 per cent., and it could do the same on all goods exported from New Zealand that are subject to duty in the United States, for while the minimum tariff gives us no reduction upon the present rate of duty upon wool or upon any other dutiable articles that were previously at the minimum rate, it protests us from the increase referred to. 'The quantity of wool imported into the United States from Xew Zealand iast year, irrespective of that/ which may •have been purchased in London, was: Greasy, 4,259,8801b weight, valued at £170,268. No benefit is obtained in respect of free goods that are imported from New Zealand to America by the minimum tariff, as on free goods under the American law the United States consequently if the minimum tariff had not been applied to New Zealand an increase could have been put upon wool, providing we had been put upon the maximum instead of the minimum tariff. Last year we exported free goods as folJows:—'Kauri gum, 5127 tons, value £375,126; phormium, 400 tons, value £8351; phormium tow, 53 tons, value • £301; and sheepskins without wool, value £81,225. I quote these as inBtances of exportable articles that we send from New Zealand to America free, and which are not affected by placing New Zealand under the minimum tariff Tate. The, same remark applies to all goods that have been exported from ■New Zealand to America hitherto free, and equally, in turn, whatever the minimum tariff rate existing in America is, all exportable goods from New Zealand will go in at such minimum rate, and ■there can be no discriminating in respect of the 55 per cent, increased rate which would have been the case had we not been place under the minimum tariff. The minimum tariff keeps wool at the minimum rate which we had before, and all the free goods that we sent before remain free."

Speaking of the New Zealand loan of £1,850,000 just placed on the London market, Sir Joseph Ward stated tonight, in renly to a question, that it was being raised under the Public Works Act, and had nothing to do with the State Guarantee Department. He had ■received advice that the loan had proved verv successful. The loan was underwritten, but 80 per eent. had been taken by the public, and .the balance of 20 per cent, in the hinds of the underwriters was a comparatively small amount both from the point of view of New Zealand and the point of view of the underwriters; so that it was regarded in London as a very successful financial operation.