Tariffism and an Election.

even higher than was expected. Thus the ball has been set rolling to invite “retaliation” and “reprisal.” These words, it seems, are being avoided in the Canadian election campaign, but that campaign is being profoundly influenced by United States tariffism, and both the main parties are carefully feeling their way up to the polling booths, due to open on 28th July. After then—but hardly before—there may be some chance to judge what the reaction of the United States tariff on the Canadian tariff is likely to be, how the other Empire units will be affected by both tariffs, and particularly the effect on New Zealand dairy produce of the cross-currents set up by new American duties on Canadian milk and cream, and by the demand of the Canadian farmer for more protection against imports of butter, etc. A renewal of the price-break on the New York Stock Exchange has to be noted, also a new break in wheat prices. Chicago now quotes in cents.

It is not often that a company is floated in shares of £100,000 each. Sixty of these shares go to make up the six million sterling capital of the Bankers' Industrial