Tariff Strife Again.

In the absence of an international recovery scheme, the various recovery schemes of the nations individually seem fated to create new high tariffs, as in France. The addition of the dollar to depreciated currencies put a new aspect on that form of tariffism which consists of countering monetary depreciation. As between Japan and the British Empire there is not only the depreciation issue, but also the Indian Government's tariff increases, which Japan resents. Japan has plenty to bargain with in the tariff field. She buys as well as she sells. Australia, thanks to sales of wool, has been sending much more to Japan than she buys from Japan. How favourable to Australia the balance has been may be judged from the cabled fact that in 1932–33 Japan increased her exports to Australia by 50 per cent. over the 1931–32 figures, yet the balance still remained #5,000,000 in Australia's favour.