BRITISH TRADE.

Auckland Star, Volume LII, Issue 250, 20 October 1921, Page 7

BRITISH TRADE.

REVIVAL OF INDUSTRY. GREATER ATTENTION TO OVERSEAS NEEDS. EXPORTS IMPROVING. The latest advices from England to the British Trade Commissioner for New Zealand reveal that during July there was an almost general and material improvement in trade conditions, and the position is decidedly better than was the case in the two preceding months. At the same time, the situation still leaves very much to be desired, and compares badly with anything approaching a normal state of affairs. The volume of trade is relatively small, the value of British exports being below that for the corresponding month of 1913 despite the enhanced prices. INDUSTRY REVIVING. Relatively to recent conditions it may, however, be stated that there has been a distinct revival in many sections of industry, and that a more" hopeful feeling has been growing amongst traders. Buyers would appear to have been more in evidence, and "with ihe Labour situation, with regard to the major "industries and trades, generally having a fairly settled aspect, manufacturers are beginning to feel that the future holds promise of continued improvement. KRTHCTS OK COAL DISPUTE. > ll is, however, rather early to form a sound judgment regarding tin. relation of the present improvement to future trade. The availability of fuel supplies has naturally caused a spurt in working on" orders already on hand, and it is (liflicult to conceive of the settlement of the long-drawn-out coal dispute failing to be reflected in the trade of the ensuing month. This reaction is, quite possibly, largely accountable for the spirit of optimism which prevails in many quarters. While a number of the factors which recently hampered business have been removed, and trade has undoubtedly benefited 1 hereby, the two chief deterrents, the world's economic position, and the nrice of British coal, remain adverse to »ny marked improvement in trade. While these factors exist and exercise their present strong influence, it is difficult to see the future in a particularly rosy light. LABOUR COBTS ON SETTLED BASIS. At the same time, there have undoubtedly been an increasing number of inquiries resulting in actual business; labour costs have in many cases v been put on a settled and lower and manufacturers arc, therefore. »o much the better able to meet competition at home anil overseas: the necessity for paying increasing attention to overseas markets has been steadily impressing itself upon the minds of manufacturers, and greater attention is being given to meeting the requirements of overseas buyers: the general industrial position appears to be healthier than for a number of months past: and, while existing optimism may be over-sanguine, there does appear to be every indication that a recovery in trade is now in progress. How far this recovery will progress in the face of the above two adverse factors, remains to be. seen. INCREASE OF RAW MATERIALS. With regard to the imports, it is satisfactory to note that raw materials show an increase of/nearly £2.000.1100, while manufactured articles are less than £. r .00.000 more than in June. The whole of the decline is thus seen to have been borne by food, drink, and tobacco. The feature of the imports is the continued heavy imports of coal, nearly 1.400,001) tons,' of a value of £4.SSf>,OOO, being imported. This is. no doubt, due in part to the delivery of coal ordered during the progress of the dispute. In exports there are several noteworthy increases. Among these coal is naturally prominent owing to the conditions during the preceding month, when the total reached a value of only £13,000. During July Slfl.ooo tons were exported with a value of £1.559,64!). In raw materials there arc increases of moderate dimensions, but no particularly noteworthy feature. In articles wholly or mainly manufactured, however, there are several sections showing a satisfatcory recovery. The chief of these is found in the exports of machinery, which showed an increase of £84ti,000 over the June figures, the Improvement beinc largely due to exports of textile machinery, which mark a decided recovery from the sharp drop in June. Yarns and manufactures thereof also show a fair increase, over £500,000. and piece goods, although cheaper by Id per square yard in average value, are £346.000 better. Another satisfactory increase is shown under "vehicles" exports of which have risen from £2,577,----000 in June to £5.490.000 in July. COAL OUTPUT. The coal output has risen steadily since the first resumption of work, and from 2,352,000 tons for the week ended July 0. the weekly total has increased without setback to 4,587,300 tons for the week ended July 30. The total for the four weeks was Vv200,400 tons.