A REMARKABLE APPEAL.

Taranaki Daily News, 30 July 1921, Page 11

A REMARKABLE APPEAL.

GOVERNMENTS AND TRADING.

BANKERS CONDEMN POLITICAL INTERFERENCE, “RESTRICTIVE BARRIERS.” A somewhat remarkable appeal, sign-* ed by the leading bankers of London an appeal described by tne Economist as "unanswerable in its clear and simple -logic, and fortified by an impressive array of the most authoritative names in the city”—has been forwarded to the Imperial Governmen. It is said to have been accepted generally in banking and trade circles, as a most timely protest against the Imperial Government’s trade policy and, it 4s stated, “will be marked as such by the country.”

“A hundred years ago,” this important document says, “in a time oi depression following a great war, the merchants of London presented to Parliament a memorable petition against the ‘Anti-Commercial Principles’ of the restrictive system then in force. Today, moved by the same anxieties, weighed down by far heavier taxation, and face to face with proposals intended to renew the restrictive methods of the past, we submit that it is ( essential to the revival of confidence that no legislative or ’administrative measures should be taken which would diminish the total output of- British industry or check the free, exchange of British goods. ‘•‘The burden of taxation can only be lightened if the necessity for public ecunomv is resolutely faced. The present rate of national expenditure threatens to cripple the country’s resources n.nu to impair its cred abroad. In our judgment it is more than the commercial community can bear, more than the capacity of. the nation can afford, more than, were proper economies effected, thtf nation need be asked to sustain.

EFFECT OF GOVERNMENT INTER FERENCE.

“The system of Government regulating trade by licenses, controls, and departmental orders has, admittedly, however well-intended, had in many cases unfortunate results. Political in- • ‘rferenee with the natural course of commerce without regard, to economic laws invariably does mischief. British trade needs nothing so much for its recovery as freedom to deal with its own difficulties, to study and provide for its own interests, and to work out its own salvation. “It is as true as it was a hu&lrcd years ago that foreign commerce conduces to the wealth and prosperity of a country hy enabling it to import the commodities which other countries are best able to supply, and to export in payment those articles which from .ts own situation it is best adapted to produce.; that freedom from restraint is calculated to give the utmost extension to foreign trade and the best direction to capital and industry; and that the maxim of buying in the cheapest market and selling in the dearest, which regulates every merchant in his individual dealings, is the best rule for the trade of the whole nation. A BLOW AT COMMERCE. “The policy of trying to exclude the productions of other countries, with the well-meant design of encouraging dur own. cannot increase the volume of commerce or the total volume of employment here. But it may well compel the consumers, who form the bulk of our population, to submit to privations in the quality or quantity of the goods they buy. The importation of foreign goods dues not diminish the activities of our people, because such goods can only be paid, for by the produce of British capital and labor. The advocates of a restrictive system are apt to lose sight of the elementary fact that nations, buy foreign goods because they need them, not to benefit others, but to benefit themselves, and pay for them by producing goods which the foreigner in his turn requires. We cannot limit imports into this country without limiting our export trade, and striking a grave blow at the worldwide commerce on which this island kingdom principally depends. PREVENTING RECOVERY OF TRADE. “Trade is exchange. No nation which lives by trading with others can prosper unless other nations prosper too. We hold to-day great stocks of goods. We are ready to manufacture more. There is a large and insistent demand for them abroad. But owing to"'"?ne paralysis of Continental commerce—due in part to the restrictive barriers which the new States have set up between themselves—the would-be buyers of our goods have not the means to pay for what they want. We have to build up the market that we need by encouraging Continental nations to export to us. For it is only by exports that they can re-establish their credit and provide funds for the payment of their debts. In such a situation we believe that all expedients to control and hamper imports into this country, whether by licenses, tariffs, or any other means, can only retard improvement in the Continental exchanges and prevent the natural recovery of terade. Legislation of this nature, while it may increase the profits of a few selected industries, cannot fail to check our output as a whole, and to increase the costs of production to a level which may make it increasingly difficult for British traders to compete successfully with others in the markets of the world.

“With party or political considerations we, as bankers, are not concerned. But in the interests of British industry and commerce, now menaced by anxieties which it would be a profound mistake to underrate, we desire to enter a respectful protest against every restrictive regulation of trade which tends to diminish the resources of the State.”

The New Zealand Sporting and Dramatic . Review says that the well-known trainer, T. Quinlivan had a commission to purchase a suitable horse or horses to represent Lady Jellicoe on the raci ® g tracks in the Dominion. While in Auckland Quinlivan made an offer during the sale of Mr. G. L. Stead’s thoroughbreds for Royal Box, but as bis idea and that of Mr.-Stead did not coincide as regards value no deal was effected. However, he anticipated in the near future being able to locate a suitable horse, and it such proves the case, ho will train for Lady Jellicoe, in addition to Mr. Eric Riddiford, the latter having expressed his willingness to allow Quinlivan to also act ®«..aeiator for Lady Jeiiicoe.