THE CHINA MAIL, NOVEMBER 3 1987.
1987.0
REARMAMENT NOT YET AT PEAK OF EXPENDITURE: BRITISH SLUMP "TALK"
London, To-day.
Slump talk was deprecated by Government spokesmen during the debate on the Liberal Amendment to the Address in the Commons last night.
Major Gwylyn Lloyd George stressed the im- portance of freeing international trade, securing an Anglo-American commercial agreement, and preparing in advance for a recession in trade acti- vity the three leading points of the Amendment.
Replying for the Government, the President of the Board of Trade said that not only did the general statistics of the country's economic position fail to indicate any immi- nence of a slump but a more detail- ed analysis of the prospects of îndï- vidual industries also gave no such sign.
In most industries there was no check or abatement in activity ap parent. Iron and steel and engin- eering remained active at a high level. In trades such as motor pro- ---duction and many other industries,
goods were still going into sumption as rapidly as ever.
SLIGHT SETBACK
con-i
-MAHATMA-
GANDHI BETTER
Calcutta, To-day.
The Mahatma Gandhi is consi- derably better but needs rest and constant attendance.
His proposed visit to the Gov- ernor of Bengal has been post poned indefinitely-Reuter.
their part in any effort to reduce economic barriers. In saying that, It was, of course, true that there the Government was not prepared it was only fair to make plain that
were a few industries in which conditions were not so favourable put itself in the dock on the ques- tion of tariff policy. That was very as they appeared in the Spring, but
far from the case.
the interesting fact to note was It was agreed in the Joint that if you analysed those indus- tries and the reason for the slight Currency Declaration of last year setback they were experiencing, it and at the League recently that would be found that no common the real, and by far the most seri underlying factor existed such asjons, obstacles to international would point to some general eco-trade were not tariffs, which how- nomic depression.
ever high, could be surmounted, but currency restrictions and quotas. Great Britain had no cur- rency controls and no quotas on
REARMAMENT
.
TARIFFS TO CONTINUE
In warning the House against an the import of industrial goods. exaggeration of the effect of rear- mament upon industry, Mr. Oliver Stanley observed that in so far as rearmament had had an effect upon
Therefore though anxious to co- production, it should be remember operate in lowering the barriers ed that they had not yet reached there could be no question of the the peak of expenditure nor there
Government's abandoning the tariff fore the climax of whatever in- fluence it might have on industry.which the circumstances made in- system adopted five years ago, Regarding international trade, the Minister said that provided evitable, and which had been there was no worsening of the in amply justified. ternational situation, he saw
Mr. Stanley went on to say that reason to anticipate any serious re-he believed great benefit would
from a duction in the existing level of come
trading agree- world trade and if there was, as ment between Britain and the they all hoped, a substantial relax-United States. The Government ation in international tension, they intended to see that that agree- might look for a further and sharp ment, if made, would be fair to expansion in British exports.
WALL ST. POLITICS.
no
He believed that "slump talk" at the present time was due to falls on Wall Street which were very dif- ferent from those of 1929. This time they were largely political due to some extent to differences be tween Wall Street and the Ameri- can Administration which were no
both sides and would really lead to an increase of trade between the two countries. British Wireless.
HIGHER PAY FOR SOVIET WORKERS
Moscow, To-day
An increase of wages and salar- concern of others, and to some ex-ies has been decided upon by the fent to the fear, perhaps exaggerat Union Council of People's Commis-
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QUEMOY ISLAND OCCUPATION
Canton, To-day.
Reports from Amoy state
ed, of international complications.sars, to date from November 1, for that most of the Japanese war
FREEING FOREIGN TRADE. all workers in factories, railways
for and shipping concerns whose
- He agreed that eign trade tr
ance any othe
could be
of the B.
ships have now left the vicinity
ser
DEATH OF WAR CORRESPONDENT
ent.
Hands was war
Quemoy Island, there remain- has been hitherto below
mg outside Amoy only one cru-for the "Daily Mail” certain lev
that the in-
the United States Japanese bluejackets are still Africa during the 50,000, on the island Our Own Corres- and with the
Oceanpondent.
Manchuria.
000 roubles a month.
well-known