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THEY HAVE HOWEVER COME TO THE CONCLUSION THAT AT A TIME WHEN THE
BRITISH MARKET IS PECULIARLY VULNERABLE THE POLICY PREVIOUSLY
ANNOUNCED OF REINTRODUCING QUANTITATIVE RESTRICTIONS SELECTIVELY
ONLY IF AND WHEN IMPORTS OF PARTICULAR PRODUCTS CAUSE DISRUPTION
IS UNLIKELY TO GIVE THE NECESSARY STABILITY OF MARKET AND EMPLOYMENT
CONDITIONS. IN PARTICULAR THEY DO NOT FEEL CONFIDENT THAT IN A
SITUATION SUBJECT TO VERY RAPID CHANGE THEY COULD TAKE ACTION
AGAINST DISRUPTION QUICKLY ENOUGH ON A PRODUCT-BY-PRODUCT BASIS.
IN FACT IT HAS ALREADY BECOME APPARENT THAT ORDERS IN THE
PIPELINE IN ANTICIPATION OF A QUOTA FREE MARKET NEXT YEAR ARE
AT A LEVEL CONSIDERABLY HIGHER THAN USUAL.
5. THEY HAVE THEREFORE DECIDED TO RETAIN IN 1972 THE EXISTING
QUANTITATIVE RESTRICTIONS IN ADDITION TO THE NEW TARIFF.
6 THE BRITISH GOVERNMENT HAVE TAKEN THIS DECISION ONLY AFTER THE
MOST ANXIOUS CONSIDERATION. THEY BELIEVE THAT THE STABILITY THAT
THIS ACTION WILL BRING TO THE BRITISH MARKET WILL BE OF VALUE
TO OVERSEAS SUPPLIERS AS WELL AS TO THE BRITISH INDUSTRY.
7. THE BRITISH GOVERNMENT CONSIDERED WHETHER IF QUANTITATIVE
RESTRICTIONS HAD TO BE MAINTAINED THE NEW TARIFF MIGHT BE DEFERRED.
BUT FOR OVER 2 YEARS THE BRITISH TEXTILE INDUSTRY HAS PLANNED
ITS INVESTMENT AND MARKETING IN THE EXPECTATION OF FRICE AND PROFIT
LEVELS RELATED TO TARIFF AND QUOTAS ALONE WOULD BE NO SUBSTITUTE
FOR THAT. THE BRITISH GOVERNMENT CONTINUE TO BELIEVE THAT EFFICIENT
PRODUCERS WILL BE ABLE TO SELL PROFITABLY IN BRITAIN OVER THE
NEW TARIFF AND THE RESTRICTIONS NOW BEING RETAINED WILL PERMIT
A LEVEL OF COTTON TEXTILE IMPORTS FAR HIGHER PROPORTIONATELY
THAN THAT ALLOWED IN OTHER MAJOR INDUSTRIAL COUNTRIES ALL OF WHOM
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