On Friday week Mr. Lloyd George at the Guildhall and
Bonar Law in the House of Commons both made important statements On economic policy. The Imperial War Cabinet has unanimously, accepted the principle that the various parts:of the Empire, having due regard to the interests of our Allies; should give specially favour- able treatment to one another. Australia is not yet included-in the arrangement, as she is not represented in the Imperial War Cabinet.- The scheme will not take effect till after the war. -.Finally, the scheme does not involve the - taxation of food. It will be remembered that Mr. Joseph Chamberlain always insistei on the necessity of taxing food for the- purposes. of- Preference, on the logical ground that some Dominions exported to us-scarcely anything.but food.. We shall be interested to ..see what organization will be considered to bestow such advantages on the Dominions as to be accepted as the equivalent of a Preferen tial Tariff on food. If the Dominions can be satisfied--and satisfied they must of -cciursa be—the fewer tariffs the better, and we shall be especially glad to avoid tariffs on food.
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