29 JUNE 1962, Page 12

and up to 5 per cent. on various manufactures. The

Canadian market used to take about £280 million-worth of British goods. to talk glibly of our marvellous export oppor- tunities this year without reminding us that some of our best customers might be forced to cut down their purchases—Canada because of her weak exchange position, the US because of her balance of payments deficit, some Commonwealth countries because of the fall in the prices of the primary commodities they export, the poorer half of the world because of their desperate lack of buying power and credit. So far we have only had restrictive measures taken by Canada.

What would happen if similar measures were taken by the US—beginning, say, with dear money, then moving to higher tariffs and finally