Word: valorem
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Thus did Neville Chamberlain, Great Britain's Chancellor of the Exchequer, serve notice on the world last week that 86 years of British free trade were at an end. Effective March i, Britain will impose a 10% ad valorem tariff on all articles not already taxed except meat, wheat, raw cotton, raw wool, tea. British-caught fish and (until after the Imperial Economic Conference at Ottawa in July) exports from British colonies and dominions...
...incomes above $20,000 per year, opposed any move against small taxpayers. Also discussed were new levies on automobiles, radios, amusement admissions, estates, gifts. Only two items seemed sure of escaping tax upping: 1) corporations, already tottering under their 12% burden; 2) tobacco, which already pays an ad valorem rate...
...Tycoon Walter Runciman, the great Liberal shipping man (Royal Mail and associated companies) whose family stands rooted in the business and politics of Free Trade, was obliged personally to draft and put into effect measures making nearly all manufactured articles liable to a British tariff up to 100% ad valorem. Thus historically he hauled down the standard of Free Trade...
...Wednesday, Nov. 25, upped the tariff on several hundred articles (all of interest to U. S. exporters have been enumerated) not by 100% as the Board of Trade was entitled to do, but by 50%. In Washington the sky-high altitude of the present U. S. tariff, with ad valorem duties running up to 80% and exceeding 50% in most cases, was admitted last week to be so great that further upping in ''retaliation'' against Britain would be impracticable. What many a Runciman in the Empire hopes is that temporary British tariffs will force...
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...