Breaking Down Barriers
In 1927 the World Economic Conference laid it down that "the time has come to put an end to the increase in tariffs and to move in the opposite direction." Now, after five years, two countries, Belgium and Holland (Luxemburg being necessarily associated as partner in a customs union with Belgium), have been found to take that sound advice and undertake to lower their tariffs reciprocally by 10 per cent, a year. The agreement to that effect initialled at Lausanne on Monday had, in fact, been under discussion for months between the countries concerned, but there was a singular appropriateness in its announcement to the world from the city where not only reparations, but the factors responsible for the present depression, are down for discussion. Holland and Belgium are both virtually Free Trade countries (Holland's standard tariff has recently been raised to 10 per cent.) and neither of them is a large country. But their decision, coming at the moment when it does, and in the form of an invitation to anyone who will to join them in the reciprocal relationship they have established between themselves, is one of the few encouraging signs in the
world to-day.
