More Steel Protection In asking the House of Commons to
approve a new Order raising the import duties on iron and steel to 50 and in some cases 60 per cent., Mr. Runcithan admitted- that the existing duty of MI per cent. had not given the industry that bargaining power which was deSired iii dealing with the Continental Cartel. Therefore he proposed to grant the industry still further protection with a view to keeping out imports, alleged to be dumped, with the double purpose of securing the hoMe 'market and increasing bargaining power in the hope of Securing a greater share in foreign markets. It may be pointed- out that such an important competitor as Belgium has a new weapon which she proposes to use—that arising from devaluation of currency. Meanwhile the home iron and steel industry, whose reorganization hag -Mainly taken the form of price-fixing, is more and more becoming a privileged monopoly. So long as it can rais-eits prices to the home consumer it is tempted to avoid-the.-expense. of re-equipment and count upon the tariff for shelter. By imposing, and now increasing, the import duty without first securing an adequate scheme of reorganization the Government has been neglecting the consumer (himself an employer of labour) and helping to stereotype inefficiency.
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