Safeguarding of Industries Act 1921
Encyclopedia
The Safeguarding of Industries Act 1921 (11 & 12 Geo. V c. 47) was an Act
passed by the British Parliament
which safeguard
ed certain key industries.
Part I of the Act put a five year duty of 33.3% ad valorem on nine categories of items (including optical glass, laboratory porcelain, hosiery latch needles, metallic tungsten, synthetic chemicals) that were perceived as being essential to British success in the Great War
. Part II of the Act put a similar duty on imported goods which were sold at prices below the cost of production (dumping
) or at prices lower than the prices of similar goods profitably made in Britain, due to depreciating currencies of the imported goods' country of origin. In the House of Commons
142 voted for its third reading, which was passed by 178 votes to 56.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
passed by the British Parliament
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
which safeguard
Safeguard
In the technical language of the World Trade Organization system, a safeguard is used to restrain international trade in order to protect a certain home industry from foreign competition. A member may take a “safeguard” action In the technical language of the World Trade Organization (WTO)...
ed certain key industries.
Part I of the Act put a five year duty of 33.3% ad valorem on nine categories of items (including optical glass, laboratory porcelain, hosiery latch needles, metallic tungsten, synthetic chemicals) that were perceived as being essential to British success in the Great War
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
. Part II of the Act put a similar duty on imported goods which were sold at prices below the cost of production (dumping
Dumping (pricing policy)
In economics, "dumping" is any kind of predatory pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price either below the price charged in its home market, or in quantities that cannot be explained through normal market...
) or at prices lower than the prices of similar goods profitably made in Britain, due to depreciating currencies of the imported goods' country of origin. In the House of Commons
British House of Commons
The House of Commons is the lower house of the Parliament of the United Kingdom, which also comprises the Sovereign and the House of Lords . Both Commons and Lords meet in the Palace of Westminster. The Commons is a democratically elected body, consisting of 650 members , who are known as Members...
142 voted for its third reading, which was passed by 178 votes to 56.
Further reading
- F. W. Hirst, Safeguarding and Protection in Great Britain and the United States (London, 1927).