The Freeing of Trade Though often consigned to the limbo
of outworn theory, the ghost of Free Trade still returns to haunt our Protectionist politicians ; it is now not merely theorists but practical business men who .demand a reduction of restrictions on trade. In a declaration issued in Paris on Sunday the International Chamber of Commerce urged that the time had now come for reducing trade restrictions and Customs tariffs, and that such a reduction was necessary if the recent agree- ments on currency stability were not to be imperilled. The declaration mentioned 13 points which could be made a basis for restoring the freedom of foreign trade. Of these the most important were : the negotiation, when it should be possible, of multilateral agreements to reduce trade barriers ; until that was possible, the conclusion of bilateral agreements, which should be open to anyone to join ; the inclusion in such agreements of the most-favoured-nation clause in its widest sense ; the abolition of import quotas ; maintenance of currency stability and refusal to use devaluation as a means of competition. Such a declaration is welcome, but not surprising, now that, with the stabilisation of cur- rencies, tempting prospectshave been opened once more of a safe and profitable extension of foreign trading ; it is to be hoped that Governments will take it to heart, and especially our own. Recent speeches seem to show that the Government, while aware of the advantages of Free Trade, thinks it has gone far enough in that direction already.
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