The Import Duties Advisory Committee has joined those who for
some time have been urging the Government to reduce the tariff on iron and steel products ; it advises that the duty of 331 per cent. on imported pig-iron be abolished and the duty on iron and steel products be reduced from 20 per cent. to ro per cent. It might well have gone further and advised the complete abolition of the entire system of quotas and duties by which the steel industry is protected. There is now no question of trying to limit imports of iron and steel products ; the problem is to secure an adequate supply for our own needs at prices which are not exorbitant. There is now, owing to the armaments race, a world shortage of steel ; the international steel cartel cannot supply its own countries. Here supplies of pig-iron are inadequate and deliveries of semi-finished steel products are behindhand. Steel-consuming producers have to limit output, and it is understood that the British Iron and Steel Federation will raise prices to large consumers of steel from June 1st. The demand is not likely to fall in the future ; in such circum- stances there is no need and no room for protection.
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