§ 34. Sir P. HANNONasked the President of the Board of Trade whether he has been able to make any estimate of the advantage which is likely to accrue to exporters in the United Kingdom by reason of the tariff reductions recently made by the Australian Government?
§ Mr. RUNCIMANI assume that my hon. Friend has in mind the Customs Tariff amendments recently discussed in the Commonwealth Parliament. These covered amendments of the tariff which had been brought into force provisionally since December, 1933. On the basis of recent import statistics, the reductions made affected United Kingdom trade amounting to £1,500,000, and the increases £150,000. As the House will be aware, the Commonwealth Government introduced important new proposals on 22nd May relating to the import of cotton and rayon goods, motor cars, and some 1819 other commodities. While it is not possible to estimate the exact effect of these new proposals on United Kingdom exports to Australia, I am very glad to say they include measures, notably those relating to cotton and rayon goods, which should prove of substantial benefit to United Kingdom trade. I share the hope of the Commonwealth Government that the arrangements will strengthen the trade between the two countries.
§ Sir P. HANNONDoes not my right hon. Friend think that his statement indicates the great importance of developing Imperial Preference by every means in our power?