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![handle is hein.trade/adtrffa0001 and id is 1 raw text is: 73D CONGRESS HOUSE OF REPRESENTATIVES J REPORT
Ud Session j No. 1000
AMEND TARIFF ACT OF 1930: RECIPROCAL TRADE
AGREEMENTS
MARCH 17, 1934.-Committed to the Committee of the Whole House on the state
of the Union and ordered to be printed
Mr. DOUGHTON, from the Committee on Ways and Means, submitted
the following
REPORT
[To accompany H.R. 8687]
The Committee on Ways and Means, to which was referred the bill
(H.R. 8687) to amend the Tariff Act of 1930, having had the same
under consideration, reports it back to the House and recommends
that the bill do pass.
In making this recommendation the Committee on Ways and Means
would emphasize that this bill, although designed to meet an emer-
gency, is not a compromise with emergency. It is based upon thor-
oughly sound principles of national policy.
SHRINKAGE OF WORLD TRADE
During recent years the world has been experiencing a period of
acute economic distress and suffering, accompanied by, and to a large
extent resulting from, an alarming shrinkage of world trade. The
President, addressing the Congress, speaking of the decline of world
trade, has said:
Measured in terms of the volume of goods in 1933, it has been reduced to ap-
proximately 70 percent of its 1929 volume; measured in terms of dollars, it has
fallen to 35 percent.
As stated by the Secretary of State in his testimony before the com-
mittee on March 8, 1934:
According to reliable estimates, if world trade had gone forward with the annual
ratio of gain existing before the war, the nations during the intervening years
would have had some $275,000,000,000 more than they have actually enjoyed.
And according to these estimates, if world trade had thus progressed there would
be today an annual international commerce of near $50,000,000,000, instead of
the pitiable figures of less than $12,000,000,000 for 1933.
H. Rept. 1000, 73-2--1](ViewImageLocal?handle=hein.trade/adtrffa0001&div=1&collection=&method=preview&ext=.png&size=3)