Word: tariff
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Defense? Dr. Klein defended the Hawley-Smoot Tariff with figures more specific than theoretical. Said he: "In 19 representative countries all over the world, comprising most of our leading customers . . . our share in their import totals last year was almost exactly 20%. . . . During 1924-27 [the U. S. share] averaged 20.7%. . . . Preliminary figures for 1931 show almost exactly the same trend." As to imports, his figures proved that for the first quarter of this year, "whereas the incoming European wares subject to duty fell 33%, . . . those coming in free of duties declined...
Attack. Differing sharply with Dr. Klein was Peter Fletcher, president of National Council of American Importers & Traders, Inc. Peter Fletcher wanted to see a prompt 25% reduction on ad valorem rates, 50%, on specific rates. He thought and said: "We are now in the midst of the greatest worldwide tariff war in history." Heartily in accord were Charles T. Riotte, lace & embroidery man; Howard S. Cullum, Commissioner of the Port of New York Authority; Philip le Boutillier, president of Best & Co.; Wallace Thompson, editor of Ingenieria International...
...Argentine speaker, Dr. Emanuel Malbran, Ambassador to the U. S. He pointed to the importance of Argentina's trade, which in 1929 took 40% of U. S. exports to South America. With chilly sarcasm, he spoke of the possibility that his country will raise a tariff wall: "In case it is adopted it should produce positive results, you would lose a good market. . . . but in exchange you would gain our gratitude for having taught us to make use of high tariffs. . . . It is perfectly logical that in my country they are thinking of following the example set by countries...
...word "tariff" was not used by Thomas William Lamont, but he softly voiced the House of Morgan's opinion that "artificial barriers against foreign trade" should be discouraged. "Some of our fellow-citizens think we can do all the selling and the other fellow all the buying. That has never been true," said...
...past fortnight. Two weeks ago at the American Iron & Steel Institute meeting he spoke in a frank, uncompromising manner which was bearishly received (TIME, June 1). Three days later he made a radio speech telling of prosperity soon to come. At the Council he spoke once more. Waving the Tariff debate aside as "academic," he insisted that commodity prices must rise before recovery, but that "no one contemplating the vast resources of the United States, the basic soundness of our institutions . . . can have any doubt that we possess within ourselves the power to lead the world in trade recovery." These...