17 OCTOBER 1931, Page 14


[To the Editor of the SPECTATOR.] Sin,—In your issue of October 3rd, and in your article on " The Prospects of the Election," you say, " and at this moment there is less need than ever for a tariff, because the aims of a tariff will be achieved through the exchange whether we like it or not."

Canada has not lost much time in setting this right for her manufacturers, and has decided that when the exchange is below par all foreign invoices must show the rate of exchange of the day, and this must be certified by a bank. Duty has to be paid by the importer on the currency value calculated at par, plus the dumping duty, amounting to the difference between fair market value and actual selling price. This, of course, means that goods will cost the importer more than when exchange is at par.

Several countries have already gone off the gold standard, and others may either do this or follow the example of Canada. Your line of argument affords but cold comfort to those who believe in increasing the revenue of the country by means of a tariff.—I am, Sir, &c., Tnos. BLATTIERWICE. Oakfield, Knutsford, Cheshire.