Ashburton Guardian Magna est Veritas et Prævalebit FRIDAY, SEPTEMBER 15, 1933. RECOVERY IN BRITAIN.

Ashburton Guardian, Volume 53, Issue 287, 15 September 1933, Page 4

Ashburton Guardian Magna est Veritas et Prævalebit FRIDAY, SEPTEMBER 15, 1933. RECOVERY IN BRITAIN.

After so long a period of depression, it is natural that signs of returning prosperity should be viewed with a certain amount of doubt as to their significance and as to the permanency of the improvement they indicate. But it is only a confirmed pessimist who will deny that recently there have been evidences of a definite advance in the desired direction. Heartening news of trade revival comes from Britain. It is not based merely upon Stock Exchange activity in which speculative tendencies are bound to be present, especially when the dollar is fluctuating. In many quarters, it was reported a month ago, industries were working for an expanding market. The Bradford wool textile industry, for instance, was said to be busier than at the corresponding time for the last six years. Combing factories were working night and day, several Sheffield plants had reached full capacity and the shipping returns of the Port of Londoji were already on the up-grade. Reports received since then confirm the improvement and, indeed, reveal an extension of the revivifying influences. In spite of speculation, the London Stock Exchange shows many indications of improving conditions. The most conservative journals have been announcing an "active and strong" demand and a "buoyant tone," industrial shares having experienced the kind of demand that can come only with the beginning of the return of public confidence. Progress is not uniform and there can be no spectacular recovery. The process must be gradual. The metal group, which has long been regarded as a barometer of' general trade conditions, is not yet at 'set fair." On the other hand, the Bradford quotations have continued to rise steadily and the prospects for wool in the coming season are more reassuring than ever. A marked improvement has taken place in butter, and the mutton market is firming with the new lamb crop coming on. The improvement in the general trade of Britain must result- in benefit to New Zealand, but it would be foolish to forget that there will be a time lag, just as there was in the reverse direction when the depression began. But there need be no time lag in the matter of response in the Dominion to the new spirit that is reflected by the increased business of the Motherland. In these days of rapid communication confidence can be spread with almost the speed of thought, but it can be checked by the pessimism that resists the influences, refuses to read the signs and remains fearful of the future.