France's New Restrictions The tariff triumph acclaimed by enthusiasts last
week looks less like a triumph as the New Year unfolds. France, it was thought, had been forced to yield her 15 per cent, tax when Mr. Runciman spoke of restriction ; but even at that time she was arming herself with the opportunity to win back by quotas what she had sacrificed to threats of retaliation. Now she has gone even further. To the quota, which can be used to cut down imports from England quantitatively, has been added a tariff which lowers the profit on them, and the tariff has been applied ruthlessly to British coaL In future all coal used in blast furnaces will pay an import of four francs instead of two francs a ton. France, of course, does not in form lay the tariff on Great Britain 'alone: the impost is general. But 60 per cent. of French coal imports come from Bristol Channel ports, and the Welsh coalfields will be hit very hard. Already profits on coal are cut to a minimum and an increase of two francs in costs per ton means putting many mines out of business. The coalowners have protested and there will no doubt be more negotiations. No doubt, also, we hold certain advantages in the event of a rivalry in tariff threats, for our duties on French imports are as a whole lower than French duties on ours, and therefore offer more scope for retaliation. But retaliation only restricts and disorganizes trade further. France has many good reasons for desiring tci avoid friction with us. She will be wise to reconsider her new enactment.
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