Among other influences, certainly the most important is the growth of unregulated foreign imports, especially of the cheaper brand of footwear from Czechoslovakia. It is possible that the comparatively high price at which most leather contracts were fixed and the increases in the wages bill have had at least as important an effect upon the year's earnings. The first of these factors, at any rate, will soon disappear; for leather prices have fallen considerably and the current year should see a fairly considerable drop in the cost of the raw material of the trade. The danger of the effect of unregulated imports, however, lies in its permanence. Imports from Czechoslovakia during the first eight months of the calendar year are up by no less than 47 per cent. at £481,976, against £326440. Total imports are up by 15 per cent. at £1,935,492, against £1,685,210. The position is aggravate ed by the fact that though exports as a whole are slightly higher, certain of the Dominions have erected heavy tariff barriers against British footwear imports in order to foster industrial self-sufficiency and the Eire quota has been drastically cut. The industry, however, has so far refrained from requesting the imposition of a higher duty upon imports in order to see what the effect of the Anglo-American Trade Agreement will be. It is possible that the application of an M.F.N. clause towards American footwear imports might result in the automatic erect tion of an increased tariff upon imports from other countries that have no such agreement with Britain. If this does not follow, it is almost certain that the industry will approach the Import Duties Advisory Committee.
Text read from the printed page and cleaned; old type leaves the occasional error.