TRADE PACTS

Wairarapa Times-Age, 21 November 1938, Page 5

TRADE PACTS

AMERICAN NEGOTIATIONS WITH DOMINIONS POSSIBILITIES DISCUSSED IN NEW YORK POLITICAL PRAISE FOR NEW TREATIES By Telegraph—Press Association—Copyright. NEW YORK, November 19. The Press is discussing the possibility of an early negotiation of trade pacts with Australia, New Zealand and the Argentine. The “New York Times” Washington correspondent states that the outlook for negotiations with Australia is believed to be good. The Secretary of State, Mr Cordell Hull, stated that he was spending a few days digesting what had been accomplished before deciding on the next move. Meanwhile importers have pointed out the wording of a clause in the An-glo-American treaty which makes possible further reductions in duties on a wide range of woollen products if the present tariff rates on raw wool, now assessed at 34 cents a pound, are reduced. The treaty provides for reductions in certain types of finished wool fabrics in proportion to those granted on the raw materials. This clause, it is held, was inserted with an AustralianAmerican agreement in mind as raw wool would play a major part in such a pact, and tariff reductions would be bound to affect the position of finished fabrics. The complexities of the agreement have deterred most manufacturers and traders from specific comment. However, the National Association of WoolManufacturers assailed the reductions on woollen cloth, contending that a severe blow had been dealt to the United States’ wool industries. From a political viewpoint praise is showered on the treaties, typical comment being: “It is a great step back to normal in an abnormal world. It is the first indication perhaps that the Munich conference was not an end but