Word: tariff
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...July 3 sensational changes in China's tariff schedules were made by order of Generalissimo Chiang Kai-Shek. These changes were Japan's price for not seizing Peiping. The new tariffs upped rates sharply against the leading exports to China from the U. S., Britain and Russia, at the same time cutting rates on the chief exports to China from Japan. To keep all this as quiet as possible, Chinese censors were ordered to obstruct and discourage white correspondents in their cabling of the story...
Chiang's tariff concussions go even further than to give Japan major advantages over other great exporters to China. They cut certain rates so low that Chinese owners of cotton mills, paper mills, breweries, coal yards and fish markets declared last week they could no longer compete with Japanese prices in depreciated yen, were threatened with ruin. By every post petitions poured in upon the Generalissimo and he received irate telegrams night...
...until mid-June, when drought news from Canada became alarming, did Liverpool traders begin to push the price. October wheat at Liverpool last week reached 86¢. Some U. S. speculators were proclaiming last week that in the domestic market, which is effectively isolated from the world by a 42¢ tariff, the sky was the limit. Grain experts felt that U. S. wheat prices at present crop estimates might go to $1.25 but not much higher...
Recovery began in Great Britain when she unhooked Sterling from gold, scrapped traditional free trade and set her industries humming behind new tariff walls. Today this hum has become a "boom" with riveters dinning all day in and out of London. Last week came another omen of British recovery as hawk-nosed, stoop-shouldered Chancellor of the Exchequer Neville Chamberlain loosened the Empire's money bags a trifle and dangled the prospect of loans before countries which have hooked their currencies to Sterling. When he took the pound off gold, Chancellor Chamberlain slapped a precautionary embargo on loaning British...
...Doumergue's manifold stewardship. In the realm of diplomacy his Government has all but isolated Germany, won Russia's strong support and obtained the backing of Britain and Italy for the Eastern Locarno Pact (TIME, July 23). When Premier Doumergue took office France was embroiled in bitter tariff and quota disputes with Britain, Italy, Spain, Portugal and Switzerland. Now all of these have been ironed out by trade treaties. Only in arming France has Gastounet been extravagant. He has forced through supplemental appropriations of over three billion francs to complete the French system of superfrontier defenses...