Mr. Baldwin's announcements may be summarized as follows. The Government
will extend the Export Credits scheme for two further years after September, 1929, when it will be due to expire. Derating proposals to effect freight reductions will be expedited so as to come into operation on December 1st, on condition that the railway companies agree to carry out economies and guarantee that they will pass on the relief to the " heavy " industries. In the case of coal, the relief will not be given in- discriminately, but will be concentrated on coal for export and for bunkers and blast furnaces. We cannot help expressing a doubt whether it is a practical policy to make these narrow distinctions. Much supervision and extra work will be required to enforce them. No doubt the thing can be done, but is it really worth while when a broader classification would be possible or classification might be dispensed with altogether ? Mr. Baldwin hoped that the distressed industries Would benefit to the extent of £4,000,000 a year.
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