Evening Star Newspaper, June 4, 1931, Page 12

A1) “THE 'EVENING STAR, WASHINGTON, D. C., THURSDAY, JUNE 4, 1931 CANADIAN TARIFF 10 AFFECT STEEL Coal and 0il Exports From United States Also Face Curtailment. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 4—Caught be- tween & deficit that has grown| to $100,000,000 on the one hand,| and the United States tariff on the| other, Premier Bennett of Canada has | cided to limit imports from the| nited States and_ give special prefer- ences to trade within the British Em- ire. PThie new Canadian schedule provides for three different tariff rates. The first covers goods exchanged between Great | Britain and her possessions. This the lowest. The second is the “inter- emdiate rate,” which applies to imports | from thos countries with whom Cana- | da has special trade agreements. Thi is somewhat higher.- The last and| highest is the “general rate,” chief affecting the United State Already the distant rumble of & coun- ter attack is heard in Washington, which may take the form of a vigorous | official protest against this apparent discrimination. _That such a prote: will have any effect is doubtful. Can-| ada_protested against the American tariff in vain. The iron and steel industry of the United States exported $200,000.000 | worth of its products to Canada la: year. Coal and oil products accounted for $50,000,000 each. The new Bennett duties will be hard on them, but the British manufacturers, shippers and mine operator: i . There 1s, however, another side to the picture. A constantly growing number of American manufacturers have been | erecting their own plants in Canada. The new high dutics established by the | tariff are expected to accelerate this movement, so that not only will the| Canadian government fail to receive all of the revenue it expcts. but a llarge and powerful competition will appear as_well against native manufacturers. But unemployment might possibly be alleviated by this situation should Can< ada insist that foreign firms operating on_her soil engage Canadian labor. In the long run, however. Canada stands to lose as much as the gains. But on one item she may be quite suc- cessful. An increase of 15 per cent on periodicels imported from the United States will cut down their circulation and force American advertisers to use Canadian publications The unusual spectacle of two coun- tries. each the other’s best custome rearing tariff walls against each other, brick for brick, will be watched with interest and mingled emotions by busi- ness men and politicians_everywhere. Speculation on_the outcome is futile. Time alone will tell how wise or how foolish such planning i Gilbert Honored. Columbia University has conferred an honorary_degree of doctor of laws on o Lt sttt * Myers Electrically Driven x Water Pumps ELF - OILING models for deep or _shallow wells. Just like city water. Makes a plumbing sys- tem possible. Always Insist on “Schafer Quality’” Materials E. G. Schafer Co. 4100 Georgia Ave. Telephone ADams 0145 Ak sk ok ok ko ke * * * * »* * * * » * * * * * * * » * * * * * * * » * » * # sedestdedd Ak kA Ak dedr kb ok ek e Aok ko ». Seymour Parker Gilbert, formerly agent general in Germany for reparations | payments. Shortly after Mr. Gilbert returned from abroad he was made a zcmber of the firm of J. P, Morgan Co. Mr. Gilbert was born in Bloomfield, N. J., and studied law at Rutgers, where he graduated in 1912. He joined the firm of Cravath & Henderson in New York in 1915, and after the United States entered the World War he was made a member of the war loan staff in the office of the Secretary of the Treasury. In 1920 he became assistant to the Secretary. Then, in 1923, Gen. Dawes and a group of American bankers drew up the Dawes plan to solve the reparations problem. This called for an agent in Berlin and Mr. Gilbert was made agent general, in which post he distinguished himself by his frank and courageous reports on Germany’s financial situa-| tion and the manner in which he guided | the opgrations of the plan. | Comment on Depression. | At lcast two university presidents | have commented on the present busi- | ness depression: Glenn Frank, presi- | dent of the University of Wisconsin, and Robert K. Hutchins, president of | the University of Chicago. Mr. Frank's conclusion, which he has | stated on several occasions recently, is | that society has learned to produce goods but not how to distribute them. Thus the United States, as well as the | rest of the world, finds itself in a pro- I | duction impasse. However, Mr. Frankhinks if Ameri- can business men knew as much about manipulating and providing efficient machinery for distribution and credit | in such measure that consumption | vould approximate production, a busi- depression would be unknown and | ndards of living wculd constantly se. Dr. Robert Hutchins, Chicago Univer- | sity’s youthful president, said yesterday at Berca College, Ky., where his father president, that the present depres- on can very well be laid to education, tudents today are taught to an to think. The | result is that at the time when thinking is most needed, they show themselves unequal to the jcb. Hutchins. “We have more money, food and power than at any period in his- tory, and yet we are poorer, hungrier, more helpless and more confused than ever before.” ‘Who will the leaders of the next gen- eration be? he asks. Certainly not those “who have memorized the ency- clopedia.” Rather, they will be those who can see and learn essential facts and who can develop ideas. Gov. Pinchot’s assertion before the Governors' Conference at French Lick, Ind., that about 95 per cent of the output of electric current in the United States is controlled by four major groups will be news to many Ameri- cans. The chief executive of Pennsylvania declared that the Morgan-Mellon group controls 57.12 per cent of this output; the North American group, 14.03 per cent; the Harris Forbes group, 12.36 per cent, and the Insull group, 10.80 per cent. The Governor further charged that public utility companies, through their various holding companies, conceal their enormous profits and charge un- conscionable rates, which total hun- dreds of millions annually. State regulation has failed, said Gov. Pinchot. Federal regulation must com Gov. Roosevelt of New York, while he did not speak on public wutilities, is understood to be in sympathy witl the Pinchot views. Gov. Floyd Olsen of Minnesota sug- vested that the Governors discuss at their 1932 Conference Governmeht ownership and operation of public utilities. Since_both Gov. Pinchot and Gov. Roosevelt are potential candidates for the presidency next year, business men should see that the problem of more effective public utility regulation and Canes P Hygienie ]cnmml 1s sure to be a campalgn lssue in the 1932 national election. | Change in Credit Policy. ‘The Federal Reserve Bank has made an important change in its credit policy in assisting the Austrian Na- tional Bank out of its difficulties. Ald has been given other foreign central banks before, but only in_ connection with money-stabilization plans. This is the first time in its history that the Federal Reserve has extended credit suppcrt to such an institution when it was actually in distress. This action goes far to indicate the Ipowxr wielded by the Federal Reserve in the world money ang credit scheme. The Austrian National Bank came to grief through the weakened condition of the Creditanstalt, Austria’s largest commercial bank, which controlled about 250 industrial units. Alarmed at the prospact of a general financial collapse in Central Europe, the other powers, through their central banks and the Bank for International Settlements, bolstered the Austrian na- tional credit by purchase of her com- mercial paper. The Federal Reserve joined the group and took a consider- able share. With its _tremendous gold holdings, the Federal Reserve may well follow up this move with others a :Im;ed to inject some vitality into world rade. Ambassador Charles G. Dawes made glum New York business leaders laugh for the first time in six months wit his “wiregram” about modern diplo- macy being “easy on the mind’ but hell on _the feet.” In the good old days before wireless and cable, when it took messages months to cross the ocean, the diplo- mat had a real job of figuring out how this country could work with other countries. Now it is different. Ambassadors wire their governments for immediate instructions on all questions affecting their conduct with others. e reul decisions are made by the Secretary of State and forwarded to the diplomat. So an Ambassador’s job seems to be running around delivering messages from home. One commentator suggests that Ambassadors are now “glorified messenger boys.” And Ambassador Dawes’ comment seems to lend support to this view. New Telephone Co. Bond. The New York Telephone Co, 1s likely to make a radical departure in financial policy by floating its own bond issue |for $75,000,000. In the past, the com- pany has derived all such funds from The Human Touch in Banking “Commercial Bank- h|fund the debt of over $145,000,000, the parent concern, the American Tel- ephone & Telegraph Co. ‘The object of the loan will be to re- made, owing to the more favorable sink a bit. In Paris, the franc ascended rates. a sixteenth, which puts it safely above The lowering of the rediscount rate [the gold point ‘and a tical by the Federal Reserve has increased |squelches tho incentie fo‘:w:?x;orunz the advantages of this market. Class |of gold to the New York market. Soms A bonds have responded to the change | observers are even looking for Drobe with a good deal of life. Reactions|able shipments of gold this Summer abroad also are more encouraging. The | from Patis to Londan. Bank of England pulled the “peg” out of the London market and let the rate | (COPYFIENL 1931 by, the North American ccmrfl.ll.nl two issues which bring B premiums on the exchange at the present time. ‘By the substitution of a new issue for part of this amount, however, considerable savings can be The only way to celebrate our 82 Years in the credit jewelry business! 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