Evening star., 1930-06-22
Campaign CenterS on Posi-
BILE Effect of New Rates
on Dominion.
EXPANSION OF TRADE
WITH BRITAIN IN URGED
Twelve Agricultural Schedules Au-
tomatically Raised as Hoover
Signs Bill.
BY JOHN F. SINCLAIR.


Special Dispatch to The Star.
NEW YORK, June 2l.-Canada's no.
iitical campaign now in progress, CEN
IerS around the new American tariff
ana the problem of empire preference.
When President Hoover signed the
Hawley-Smoot tariff bill the Canadian
government automatically increased
IL agricultural rates. Now, both Prime
Minister King, the Liberal leader. and
r. B. Bennett, the Conservative leader.
nave agreed that an expansion of trade
with Great Britain and other British
possessions is desirable.
For the moment, the slogan is
Create more prosperous Canada by
more, intensive empire building" but
Just how this is to be Accomplished Is
the problem that confronts both parties
The Liberals stand for a policy of
encouraging other British countries,
particularly Great Britain, to purchase
from Canada through favorable tariff,
the Conservatives, under the leader
ship of Mr.. Bennett, disappove of
ganting preferences without getting
substantial preferential agreements for
Canadian products in return Their
idea is more in the nature of a reci-
procity treaty.
But both parties are agreed that
direction of England and its affiliated
commemorative, rather than to the
United States, for future business ex-
pansion.
Money Rates.
The announcement that the Federal
Reserve Bank of New York has cut
its rediscount rate to the lowest figure
IN its entire history of 16 years does
not tell the whole story.
A casual reader gains the impression
that all money must be cheap and easy
TO get with such a rate ruling. But
the reader must keep in mind, to un-
derstand this condition, the vast diff
terence between liquid funds and capi-
tai funds. The banks are full of liquid
funds, and these are the ones which are
subject to low rates.
But capital funds are still hard to
get. Mortgage money is difficult TO
obtain, because 1t is money loaned for
a long period. Even bonds are not SELL
ing rapidly. Why? Because the owners
OF money, not knowing what the condi-
tlons are going to be in the future,
are holding of from putting it into
longtime investments
So investmert-or capital funds-are
being neglected at the present time.
even although funds for LIQUID invest
ment are cheap and PLENTIFUL drug
on the market. But to comprehend
banking conditions today, this distinc-
ton between the two classes of funds
must be understood.
New Job Seekers.
With commencement days over, thou
sands OF recent college graduates are
looking for work. Some favored few
are. on their way to a Summer in
Europe, and elsewhere, but the vast ma
Jority are trying to find the right place
to fit into.
Consider railroad work" suggests M.
j. Gormley, executive vice president of
the American Railway Association THE
railroads want the college trained men.
They are constantly looking for the
best talent that can be obtained, but
they do not judge man by the num-
Der of academic degrees he possesses.
Still. the college graduate should have
an advantage over the one who has not
had college training in ability to think
clearly, to ascertain facts and to pass
Judgment on them"
Mr.. Gormley, however, warns against
the youthful graduate who wants to
start at the top and considers It beneath
MS dignity to have to grind out any
great length OF service in apprentice
work.
ANY graduate willing to start in rail-
road work in the same position in which
any one would be required to start and
who approaches the field with willing
ness to go through Is years of hard
work, will find that the rewards at the
end OF that period are as great in the
service as in any other"
This is sober advice mixed with
plenty of common sense.
Building Industry.
asked Fenton B. Turck, ir.. vice
president of the American Radiator Co.
and chairman of the executive commit
tee OF the National Survey Conference,
for his views regarding the present con-
dltlon of building construction in the
United States.
Residential construction is the weak
spot. In April it reached the low ebb
OF minus 81 per cent, as compared with
April of last year." said Mr., Turck
May showed 80 per cent drop under
May of 1929. For the first five DAYS of
June residential contracts were 80 per
cent under the like period of 1929"
What has caused the construction
decline?" he was asked.
Tight mortgage money was a major
factor for the first three months, but
this now is changing and funds are
becoming more available each month.
with loaning institutions showing in
creasing liberalness to good borrowers"
Not bad report in these days
surely
CCopyright. 1880, by North American News
paper Alliance)