The Anglo-American Trade Agreement It is unlikely that the hitch
in the Anglo-American track discussions, which has been reported recently, amount, to anything more than the temporary inability of the nego- tiators to resolve certain difficulties inevitable in any comprehensive trade treaty. Mr. Chamberlain indicated in the Foreign Affairs debate in the House of Common,, on Tuesday that agreement had already been reached on " a great part " of the schedule of commodities on which tariff reductions might be effected. There were, however, " particular instances which offered exceptional difficulties." That is only natural, and the patience which Mr. Chamberlain demanded should readily be accorded, so long as both parties to the agreement display the goodwill and spirit of concession through which alone these " exceptional diffi- culties " can be overcome. On the other hand, fears have been expressed in the American Press that the British Government is more interested in the political than the economic effects of the projected agreement. If this is true—and there are grounds for fearing that it may be— it is unfortunate. It is extremely important at the present time that trade between the two countries should be expanded and it is strongly to be hoped that the Government will not be content with the political effects of a trade agreement the economic advantages of which might be negligible.
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