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Safeguarding Of Industries Act

Volume 148: debated on Tuesday 8 November 1921

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asked the President of the Board of Trade what was the exchange value of the mark when the Safeguarding of industries Act became operative; what is its exchange value to-day; and whether a flat rate of 33⅓ per cent. has been found effective in checking the import of cheap goods from Germany?

Part 1 of the Safeguarding of Industries Act became operative on the 1st October, when the rate of exchange in London on Berlin was about 450 marks to the £. Part II came into operation on the 19th August, when the rate was about 307 marks to the £. The rate quoted on the 4th November was about 900 marks to the£ As there were considerable variations in the rates quoted on the dates mentioned, more precise figures cannot be given. As Part I of the Act became operative only on the 1st October, and no Order has yet been made under Part II, it is too early to express any opinion on the last part of the question.