§ 53. Mr. LOUIS SMITHasked the Chancellor of the Exchequer whether he is aware that the country's nett adverse balance of trade for 1932 is calculated at £39,000,000; and whether, as the restriction of imports of manufactured goods and agricultural produce has so far been achieved more by the reduction of the value of sterling in terms of gold than by the Import Duties, he will take steps to ensure that the Import Duties on manufactured goods and agricultural products are raised correspondingly to the rise in the value of sterling in terms of the currencies of countries still on the Gold Standard?
§ Mr. HORE-BELISHAThe adverse balance of payments for 1932 has been estimated by the Board of Trade at £59,000,000. My right hon. Friend must not be taken as agreeing with the assumption underlying my hon. Friend's question that the fall in imports is due more to the reduction in the value of sterling than to Import Duties. As regards the last part of the question, there is a procedure laid down by the Import Duties Act for dealing with changes in the rates of duties and my right hon. Friend sees no reason for modifying it.
§ Mr. SMITHIs the hon. Gentleman aware that already in several industries the Import Duty is insufficiently high to effect the purpose for which it was imposed?
§ Mr. HORE-BELISHAIf that be so, the Import Duties Advisory Committee is the proper body to deal with it.