Ashburton Guardian Magna est Veritas et Prævalebit THURSDAY, JANUARY 5, 1950. BRITAIN’S OVERSEAS TRADE

Ashburton Guardian, Volume 70, Issue 71, 5 January 1950, Page 4

Ashburton Guardian Magna est Veritas et Prævalebit THURSDAY, JANUARY 5, 1950. BRITAIN’S OVERSEAS TRADE

In considering • recent statements on the economic and trade prospects of Britain thought must be given to the four-year plan recently submitted as her part of the Marshall Aid recovery programme for Western Europe. This plan has as its basic objective overseas trade with a surplus of £100,000,000 in 1952/53 as against a deficit of £650,000,000 shown in 1947. According to a prominent economist Britain’s chance of achieving her aim rests on two potent facts, firstly, the plan is realistic; it is based on what Britain has already done in the way of economic recovery and on the world position as it is today. Secondly, she has already gone some substantial way toward her objectives; all the major plans envisaged are already in hand. But the most/ important fact is that Britain does not in any way regard success as attendant on a hard and fast scheme. _ In these days, when so many things may happen to change the whole picture, it would be -very unwise, to project any scheme as far ahead as 1955. The _ four-year plan is therefore flexible, to be altered according to changing circumstances. Britain is ready to make changes if they are essential in her own interests and the interests of Western Europe and world recovery. But one thing, is clear. The prewar pattern of international trade has gone; there cannot be a return, to it. Biitain can no longer afford the import of luxuries, for instance, and hei expenditure must be confined largely to essentials. The authorityalready quoted points out that against a modest increase in imports of raw material, latgei Home supplies of such requiiements as steel, refined oil products and chemicals, plus the processes of substitution and the economies in the use of materials should make it possible to adjust imports to meet the expanding needs of industry.