The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-10-29
BRITAIN WILL
Build LOFTY
TARIFF WALL
Government to Begin Work
at Once on Program to
Restore Stability.
WAR DEBTS INCLUDED
Empire Customs Union to
Be Formed at Meeting
in Near Future.
BIZ WEBB MILLER
United Press Star Corresnondenf

LONDON, Oct. 29.-The over
whelming victory of the national
government in the general election
was seen today as most import
ant step toward restoration of the
worlds general economic stability.
The government, in a cabinet
meeting today, was to begin work
on a program expected to include
sterilization of the pound sterling,
a tariff program, an empire con-
ference, international reparations
conferences, and other measures of
international Importance.
King George received Prime
Minister Ramsay Macdonald in
audience at Buckingham palace at
800 a. m. According to procedure,
the prime minister outlined the sit
uation to the king and conferred on
the terms Of the kings speech to
be read at the opening of parlia-
ment.
The speech, actually an outline
OF the governments policies, was
expected to emphasize the necessity
OF measures to restore a favorable
trade balance, establish confidence
abroad, and rehabilitate industry.
Parliament Opens Nov. 10
The state opening of parliament
has been set for Nov 10. A speaker
will be elected, members sworn in,
and other fornalities attended to
week earlier.
Macdonald remained with the
king fifty minutes. A small crowd
cheered the prime minister when
he left.
Macdonald proceeded to 10
Downing street, where Sir William
Jowitt, encouragement, and Lord
Sankey, lord chancellor we're await
ing him.
Insistence of the pure Conserva-
tive elements on the fullest measure
of protectionism when the cabinet
discusses the problem of the adverse
trade balance was expected to bring
the question of a pure Conservative
government to an immediate cll-'
max.
The friendship between Stanley
Baldwin and Prime Minister RAM
saw Macdonald, and Baldwin's attl-
tude that the Conservatives were
elected as national party candidates
and not Conservative candidates,
was expected to keep Macdonald at
the head of the government indetl-
nitely.
Decides on Program
Able to pass easily any legislation
necessary to lead Britain out OF It's
financial and industrial morass, the
government was expected to push
the following measures as soon as
parliamentary procedure would per-
NIT:
/ Sterilization of the pound ster-
ling at the time and point where 1t
was believed to have reached its
natural level, estimated at around
81.
2. Attempt international agree
ments to relieve the burdens OF war
debts and reparationS.
8. Summon an imperial confer
ence, probably at Ottawa, as the
first move toward an empire Gus
toms union.
4. Apply heavy duties to manu-
featured goods sold cheaper in Brit
ain than they can be manufactured
here; also duties on luxurieS.
5. Practical measures to reduce
a, ciY1cy
due to the stimulation of industry
after suspension of the gold stand
ard.
6. Conversion of the war loan.
7. An eventual scientific tariff"
meanwhile giving high tariff ma
tons such as the United States the
opportunity to modify their tariffs
against British goods and forestall
the use of Britain's new weapon. .
u. S. Would Be Affected
Heavy duties against man
ufactured goods would affect the
United States, Germany, Russia,
France, Belgium, and Scandinavia,
while South American countries
would escape lightly, because they
send chiefly raw materials to
Britain.
It was believed that the govern
nent's attitude toward Soviet Russia
would be stiffened, perhaps by re-
strictiing the system of export
credits, unless the Soviets agree to
trade concessions.
Little change was expected in the
attitude toward the League of Ma
lions and disarmament, although
the preponderance of Conservatives
in the government may make the
government policy slightly more