A reply, igned by 116 influential bankers, members of the National Association of Merchants and Manufacturers and others, has now been issued to what has become known as the "bankers? resolution" on the subject of inter Imperial trade which was published at the beginning of July.
The bankers! resolution was pass ed at a meeting of bankers and representatives of financial houses, Sneluding a representative of the Bank of England and the chairman.
the National, Westminster and Midland banks. The resolution tated that urgent measures to Promote inter-Imperial trade were needed to secure and extend the snarker for British products. pointed out that the immediate] step towards this end was reciprocal trade agreements between nations of the British Empire and that as a condition for securing such greements Britain must retain an. open market for all Empire products while being prepared to impose duties on all imports fom other countries.
'The resolution aroused a storm of controversy in England particularly bankers were regarded as being' the traditional defenders of free trade, Lord Beaverbrook declared that, the resolution had resulted in an immense revolution and had unified the Conservative Party which] had now accepted Empire Free rade.
Mr, Philip Snowden, the Chancel-Jor of the Exchequer, declared that only half the signatories to the resolution appeared to be bankers and stated that nothing so impudent as this professing to represent financial opinion had been forthcoming sine he notorious manifesto of the tallors of Tooley-street, The signatures to the reply fast jesued are headed by that of Lord Grey of Falloden. Others include Lord Ashton-of-Hyde; Lord Gain. ford (President of the Federation of British Industries, 1927-28), Lord] Bradbury (Permanent Secretary to HIM, Treasury, 1913-19), Rt. Hon. Mr. Walter Runciman, son of Sir Walter Runciman, Bart. (President of the Chamber of Shipping of the United Kingdom, 1926-27); Captain the Hon. L. S. Montagu (partner in the firm of Samuel Montagu Ca,);, Rt. Hon. Sir Charles Hob-house (Financial Secretary to H.M. Treasury, 1908-11; Postmaster-General, 1914-15); Sir Hugh Bell, Bart, (ironmaster and colliery own-ex); Sir Charles Addis (formerly chairman, Hongkong and Shanghai Banking Corporation, London Committee, Director, Bank of England), 'The reply states that the si to the bankers' resolution had reason to suppose that the present trade depression could be remedied by raising Customs duties: and thus diminishing foreign trade, ud it continues. "It would be little short of suicidal to impose duties! which raise the prices of our supplies of raw material and food as any stimulus afforded by protection to certain favoured industries could not compensate Even if the Dominions were induced to reverse their policy of building up their manufactures by taxing British goods, and they lowered their tants their small population would be unable to offer, within a measurable time, markets comparable with those which foreign countries offer.
"If Britain acted in the manner suggested in the bankers resolution," the reply concludes, "a world wide tariff war would be stimulated and there would be still greater danger of a break-down in trade and credit—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.