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The New Zealand Railways Magazine, Volume 7, Issue 2 (June 1, 1932)



So many new starting points may lead to new decisions. Forced off the gold standard and free-trade, foiled in her European campaign for such tariff reductions as will give her goods a secure place in the markets of the post-war “Balkanised” Europe, and weary of trying to help trade by “temporary loans” to Greek and other defaulters, the Mother Country turns with a new mind towards the possibility of reassuring intra-Empire tariffs on a reciprocal trading basis, which may mean a planned redistribution of industries throughout the Empire, each unit specialising in what suits it. Reasoned schemes of tariff preferences no longer collide with the free-trade stone wall. Depression has so smitten both free-trade and super-tariffism that there is room for compromise.