The Washington herald., 1921-06-07
BEST BRITISH BANKS
STRONGLY OPPOSE
ANTIDUbIPINC BILL
Goodenough Claims Great
Excess of Cotton
Supplies.
MAY BE ABANDONED
Others Believe Measure Will
Be Amended as TO Be Com
paratively Harmless.
MAY BE ABANDONED

The British anti-dumping bill.
which Is pending before parliament.
continues to arouse very strong op-
position especially Of the leading
British banks. according to a report
which has just been received by the
Guaranty Trust company of New
York from it's London international
trade representative.
Mr.. Goodenough, chairman CT
Barclays bank, referring TO the
congested state Of the British ware
houses, recently said that it was
computed in the cotton industry
alone that there were stocks. either
of raw cotton or piece goods. to
the value of 1000 900 to 100000
600 in excess of the usual supplies,
and that Bradford and other great
centers are In the same position.
This accumulation of stocks Is
largely due to the lack OF purchas-
ing power abroad and he made the
suggestion that 1--WE might consider
the possibility of a part cancella-
tion of those sums lent to our allies
for the purpose of purchasing mu-
nitions in this country, while re-
tanning their liability for those sums
sums which In effect represent
money lent to them by the United
States through ourselves"
May BE Dropped.
Many well-informed Britons be-
iieve that the anti-dumping bill will
either be allowed to drop or will be
SO amender as to be comparatively
harmless The so per cent tax on
German imports has now been re-
duced to 26 per cent. This reduc-
ton in the rate of the tax was con-
tingent upon the German accep-
tance of the allies terms regarding
reparation. The so per cent tax
was Ineffective because the German
government declined to recognize,
and the German exporters refused to
accept, the British treasury receipts
of the SO per cent tax in payment
of the goods. Consequently. the
British importer paid the tax. The
new tax, however, will be paid by
Germany, for her government has
assented to the tax. 1t remains to
be. seen whether the British con-
sumer of German goods will pay
the tax in higher prices.
British Cemmerce.
Official statistics OF British i'm
ports for the month of April show
that imports declined by f77,l34.ooO
and exports declined f46.3S4.0oo, the
decrease in re-exports being ILL.,
$4,000. OF the decrease in Imports
f55,o40, 900 was in raw materials and
E26.ss2, 900 in cotton. while arrivals
OF manufactured goods diminishe /
by f17,S76,00o. In exports of British
produce there was a decrease in coal
of f6.52s,000. The decrease in ex-
ports of manufactured goods was
f3s.s7o.0 900. the heaviest drop being
f2l. .276. 900 in cotton yarns and piece
goods. On the other hand exports
of electrical goods increased f67s,-
$50 and exports of machinery IN
creased f3,732,639. A considerable
part of the decreases is of course
due to the general fall in prices.
The continuance of the coal strike,
the Guaranty Trust company's re-
port states. has. of course, resulted
in the slowing up of all industry in
the country. More factories are
| obliged to close daily and unem-
ployment has become more and more
serious. Though all trades are suf-
fering to an enormous extent. those
most affected are the iron and steel
and engineering trades. especially In
the heavy departments. where large
stocks OF coal are necessary. Speak
ing generally. practically all the
iron and steel works in Monmouth
shire. Lanark shire. Tyneside and lsU
factories in Bristol. have closed.
smelters throughout the country
ing in operation