PAGE six THE WORKMAN SATURDAYJULY 22. 1922.
The American Foreigo Banking Corporation Preference on West Indian Goods to Motherland.
Mr. Churchill Hopes 10 Yours Continuity will Re.
store Confidence for Future THE SUGAR INDUSTRY Imperial Government Sym pathise with Unfortunata Position of Islands AID TO PR DUTION would have 1922, Mr.
The United States Treasury Panama Railroad The Panama Canal Panama Government United States Army and Navy Agents for the Banco Nacional PANAMA recovery must be and strict daya regard to the trade ment. LONDON CORRESPONDENCE British Finance and Economics Head Office: 56 WALL STREET, NEW YORK CITY (By Leonard Reid. London, June 1922. My readers will, perhape, permit me recapitulate as briefly and as DEPOSITORY OF broadly as possible the gist of the views which in recent articles have attempted to develop upon the financial and economic outlook in this country, may put it thus: trade and industry generally speaking have improved from the worst of the slump, imper Bore but for the long av engineering dispute; there are reasons for that this improvement will be sustained, though at a slow pace; on the other handra balting strictly limited so long as European fiuancial and economic problems remain unsolved; for a sorveg for a long time money must be cheap and trade very slack by comparision with enor mal standard. have so that with money remis cheap and abundant, and possession with Sesso outlook pated, considerable and specu being dissilative activity in the stock CRISTOBAL markets wight be expected to precede by an appreciable time any substantial trade betterI indicated also the belief that the restoration of free deal. precede a loan; and Germany ings on the Stock Exchange holds that without a loan finanmight hasten to the develop cial reform is impossible, activity Hence another species of deadItill hold with those who lock is faced. One thing that believe this general view to be the Bankers Committee has probably correct, especially to done is to focus public attention as the sequence of events. But on the fact that the Reparations as regards the length of time problem is an inseparable part of that must elapse before the the whole wide problem of intermatus quite national. is indebt dness.
for impossible to make any predic the moment what app tionbe nast ten days provide a reminder Reparatiising avenue towards has hitches that may upset all cal. the resultant disappointment has of the disappointments and turned out to be a cul de sac, and culations; for during this perime the mark exchange and other eriod as its symptoms the reaction of marked inactivity come stock markets. Gilt continental currencies.
sed quotations have fallen feature of finance today is sharply in many cases from the the great strides towards par rise that taken them, and neither the pound sterling, which is public nor professional dealings only a shade under 50 are displaying any contidence in The reasons for this are various; eagerly debated topics in the the hot weather, the Irish crisis here and the abortive results of Ithis exchange Banker Conference in Paris.
of 84 86. The face Probably the stock market war panserging the exchange weakness is temporary, but it is move a set back which was unexpected. movement are too complex to make prediction of Much disappointment is felt in The strength of the rise in the London financial circles over the New York exchange has certain Bankers Committee, on which ly surprised many observers, high hopes wero based. It is who do not find suficient reason recognised as all to the good that for it in a study of economic experts of Italy, ta; but, while a set back would Bulgium. America and other cause no surprise at all, few are neutral countries, should have prepared to to it down in bla black and white of a near that the Reparations bill must future.
would of eman must future. Such an event Se reduced before Germany can close the vigorous contro to raise an external loan. versy that has for so But the fact that the French raging among economists as to delegate abstained from signing whether this country should the report removes its immediate make plans for devaluating its Usefulness. France holds that currency. It is perhaps worth German financial reform must recalling that a comparatively ment of this Sd But DI appeared sugar ALBOA EST EER REWED are ples of satisfaction to them to the proof had now sunted York One of the most is whether will go go to its war preA late Londoa dispatch dated June 16, which appeared in The Times a despatch dated March f om Winston Church fill to toe Gueraors of British, Guiano, Trinidra, Barbados tha Windward Island, the Leeward islands and Jamaica, concerning preferential barit rates, was issued as a White Paper yesterMr. Charobill forwarded to each Gvernor with this dispatch a py of the statement made by him in th House of Commons on February 23, to the efect that the Government proposed to give to the West Tadbao Colonies an undertaking that the prefer.
ence on goods at present entitled to preferential rates on importa tion into the United Kingdom should be continued for len years.
In tha covering dispatch Mr.
Churchill sad. Tha general depression of trade throughout the world has not spared the West Indian Colonies.
difficulties are being ex, by most, if not all, of their staple industries and by none believe, more than by the industry, in 80 many of them are His Majestyihin lataaved.
Government have great sympathy with the uafortunata position in which that and o her west Indian industries bis placed, and it has been a sta be able to practical give of their sympathy by making proposal which, if it commands itself to Parliament, cannot in their opinion fail to bave impor taut effecta in restoring confi.
dence in the future of all the West Indian industries to which the British preferential tariff applies.
MR. CHURCHILL HOPE. trust that the hopes of the Government in this matter will not bë disappointed, and that the announcement of their tentions will assure both those in.
who are engaged in production ia the West Indies and thɔse who arks thei. hesitating to em and their in extending and developing Colonies eflected Wation in the It may be noted that Mr.
Wood, the Uader. Secretary of State for the Colonies, in his report. published the other day on his recent official visit to thg West Indies, said that to meat the uncertain situation which the sugar industry is faced, the West Indies advance ed the following request. That the present rate of preference in the United Kingdom should ende be doubled, e. increased from one sixth to one third over a of the to the period of ten years equal to years, preferably for which the West Indies to der the existing ment, and for which they have undertaken to give present high rate of preference to Britand also that an undertaken may be given that should during that period the re.
substantive preference on Brit.
ish sugar should not be allowed to fail below the present figure namely, in the case of 96 degrees test sugar, approximately 15s.
As Mr. Wood; who recom.
mended that the request be favourably considered, pointed out the request, so far as continuality of the principle of preference is concerned, bas already been met by the undertaking proposed by Mr. Churchill.
much use.
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Also cheap Cots for the weary Traveller short time ago prominent Bankers were suggesting as a new par standard of figures which have recen ly been left far behind by the rise in the New York rate. Recent figures have showa a remarkable decline in Great Britain import balance, in her trade with the United States, but this in itself is by no means adequate to explain the whole of the recent exchange Ildiess. MU ER BUILDING CALIDONIA recovery,