TRADE WITHIN EMPIRE

Press, Volume LXX, Issue 21236, 7 August 1934, Page 13

TRADE WITHIN EMPIRE

ENCOURAGEMENT URGED CHAMBERS OF COMMERCE MEETING GraOH OTO OWH COBBEStOHDEST.) LONDON, June 28. At the annual meeting of the Federation of Chambers of Commerce of the British Empire, Lord Elibank was'elected president for the next three years, Sir John Sandeman Allen, chairman of the council, Sir Thomas Wilford, deputychairman, and Sir George McLaren Brown (European manager of the Canadian Pacific Railway), treasurer. Sir Arthur Shirley Benn, retiring president, said that it was at the sixth meeting, in 1906, that the congress of the federation definitely, and by a large majority, voted m favour of Imperial preference on a reciprocal scale. That policy had been reaffirmed at all subsequent meetings. "To the Ottawa Agreements," continued Sir Arthur, "and the consequent legislation passed by the Home Government and those of the Dominions and India, I ascribe, in no small measure, the fact that during 1933, and more particularly towards its close, a distinct amelioration took place, which has continued.

Foreign Countries "While we in this federation have keenly advocated more inter-Im-perial trade, we have never tried to exclude trade wtih foreign countries, and it is useless to ignore that the signs of the times point to the possibility that, in the not remote future we may have no choice in the matter. If that time should come, then it will be of paramount importance that the nations of the British Empire should hold firmly by each other giving mutual aid. Under such conditions the nations of the British Empire might well constitute a refuge amid a sea of troubles to which other nations might turn for safety and security. It is of the greatest importance that nothing should be done to narrow the channels of trade between the countries of the Empire, while yet there is time we should enlarge and strengthen them against that day when they may be our only method of obtaining our necessary raw material and foodstuffs." He mentioned that the Dominions had expressed their intention to be represented at the celebrations of the twenty-fifth anniversary of his Majesty's accession to the Throne. "I earnestly hope," he said, "that the opportunity thus afforded of holding a family conclave on the monetary system will not again be lost. At Ottawa the question was shelved in favour of the World Monetary and Economic Conference. When shall we learn that if agreement is impossible within our own family, it will be doubly impossible in an international conference? Whereas if agreement among the nations of the British Empire canfirst be achieved, the possibilities of international agreement are thereby infinitely increased.

Empire Trade Improvement Sir Arthur then referred to the signs of improving commercial relations within the Empire. For the first time for many years, in 1933 Canada's trade with the Empire equalled that with the United States —in each case 41 per cent, of the total. Compared with 1932, Canada's trade with the Empire rose by 43,000,000 dollars, while that with the United States declined by 40,000.000 dollars. Moreover, the favourable trade balance was nearly trebled—from 50,000,000 to 136,000,000 dollars—whilst the fall in the Dominion's total trade was only 1.5 per cent., as against a 23 per cent, decline in 1932. The favourable balance in Australia for the second half of last year was more than double that for the similar period of the previous y#ar —£24,000,000, as against £9,500,000. Australian exports to the United Kingdom represented 55.3 per cent, of the total, as against 36.1 per cent, in 1928-1929. Imports from the United Kingdom were also on the upgrade. In New Zealand, the favourable trade balance increased from £9,976.000 to £12,340,000, while imports from the Empire reached 74 per cent, of the total. For the last four years the percentage of total imports taken by New Zealand from the Empire had steadily increased. In South "Africa the imports from the United Kingdom rose to 58.5 per cent., as against 46.75 per cent in the preceding year. Although the Empire's share of India's exports dropped slightly from 46.11 per cent, to 44.47 per cent., the total imports taken- Ly India from Empire sources amount to 49.79 per cent., as against 44.36 per cent. Sir Arthur finally reminded members that the fourteenth congress would, as at present arranged, take place in New Zealand. He trusted that constituent chambers would do their best to ensure a representative delegation at Wellington in 1936.