§ 11. Mr. LAMBERTasked the President of the Board of Trade the dollar value of sterling fixed by the Canadian Government for the payment of special duties on British imports into Canada; and how such fixation of sterling values affects the preference given to British manufacturers over those of the United States?
§ Mr. RUNCIMANThe fixed value of the pound sterling for special duty purposes is $4.40 for imports from the United Kingdom entitled to entry under the Canadian preferential tariff. So long as the current rate of exchange of sterling into Canadian dollars remains below $4.40 the effect of the special duty is that United Kingdom goods do not enjoy in Canada, as compared with the goods of the United States and certain other countries, the whole of the benefit which they would otherwise enjoy as a result 847 of the present position of the currency exchanges. I ought perhaps to add that so far as the ordinary duty, as distinguished from the special duty, is concerned the value of United Kingdom goods is converted into Canadian currency at the par rate of exchange, and they therefore enjoy some advantage in this respect over United States goods so long as the United States currency is appreciated in relation to that of Canada, as the value of United States goods is calculated at the rate of exchange between the two countries current at the time.
§ Captain P. MACDONALDDoes not that emphasise the necessity for an Imperial marketing policy?
§ Mr. RUNCIMANI cannot see that it has any bearing on that matter.