The New Tariff Truce ' The tariff truce agreed on
by the principal European Powers and the United States does not go very far, but it is definitely satisfactory so far as it does go. There always some danger_ that before a conference iOr the limitation either of armaments or tariffs some nations at least will deliberately push .their standards as high a, they can, either for bargaining purposes or in order to benefit if a percentage reduction is proposed. The Economic Conference would be very definitely prejudiced if while it was actually sitting tariffs in different countries were being raised higher still. The same considerations led to the adoption of an armaments truce at Geneva last year and that arrangement had some value, though it has not been too scrupulously observed. Even as things are, our own Imports Duties Committee appears to be entitled to increase duties on any articles it at present has under consideration. If that is the ease technically it is a power which most certainly ought not to be exercised, however insistently interested parties may demand it. Once it has to be argued that apparent breaches of an agreement are technically in consonance with it the value of the whole compact is vitiated. The spirit in such cases is at least as important as the letter.
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