BIT BY BIT.

Auckland Star, Volume LXIV, Issue 242, 13 October 1933, Page 7

BIT BY BIT.

BRITISH RECOVERY.

TRADE AND FINANCE

Foundation Nearly As Secure As Before the War. MR. RUNCIMAN CHEERFUL. (British Official Wireless.) (Received 1 p.m.) RUGBY, October 12. The President of the Board of Trade, Mr. Walter Runcinian, said that Britain is in tho happy position of regaining bit by bit her old position of the great major trader of the world. A comparison of the figures for the first half of the past three years showed, in the vast majority of cases, that the United Kingdom share of imports into foreign countries had cither been steady or had increased, and in some cases the increases had been very large. By contrast with the summer of 1031 Britain had now attained the position of being the strongest financial country in the world with the best credit. She had been able to place her national finances upon a foundation almost as secure as before the Great War. The Government was now going to do what it could for the British textile industry. After that it would turn its attention to steel. Although there was now a long list of import duties in force in Britain, the cost of living had remained very much where it was in 1031, an achievement! without parallel in the history of modern industrial countries.

FURTHER EXPANSION. Britain's Oversea Trade Shows Improvement. ENCOURAGING FEATURES. (British Official Wireless.) (Received 12.30 p.m ) RUGBY, October 12. A further expansion in Britain's overseas trade in September is revealed in the Board of Trade's preliminary figures. The value of imports last month totalled £.57,722,000, against £50,754,457 in August and £54,260,052 in September last year. The value of exports in September totalled £32,220,000, compared with £30,090,794 in August and £26,228,660 in September, 1032. The value of re-exports last month was £3,404,000 against £4,300.000 in August and £2,001,751 in September last year. The principal increases in imports are: Grain and flour, £403,000; meat, £560,000; wood and timber, £1,870,000; raw cotton, £734,000; hides and skins, £503,000 and the exports, coal, £421,000; raw wool, £289,000,; iron and steel, and manufactures thereof, £600,000; lion-ferrous metal manufactures, £044,000; machinery, £424,000; woollen and worsted yarns, £537,000; other textile manufactures, £434,000; chemicals, £410,000. There is a decrease in the imports of food and drink at £1,978,000.

An encouraging feature of tho returns is that tho chief increases in exports aro under the heading of articles wholly or mainly manufactured. As compared with September, 1032, their value has risen from £10,751,000 to £24,642,000. The chief increase in imports relates to raw materials.

The following tables give a comparison of the records published during the past four years:— SEPTEMBER IN LATE YEARS. (In Million rounds.) 1030. 1931, 1932. 1933 Imports 78.7 68.3 54.3 07.7 Exports 42.7 29.8 26.2 32.2 Re-exports .. . 5.4 3.8 2.9 3.4 Totals 126.8 101,9 83.4 93.3 Balance of Imports over total exports 30.6 34.7 2D.2 22.1 NINE MONTHS COMPARED. (In Million Pounds.) 1030. 1931. 1932. 1933. Imports 785.6 C 21.8 519.8 489.5 Exports 441.0 292.4 271.0 268.1 Re-exports ... 67.7 48.2 39.0 37.1 Totals 1294.1 962.4 529.S 794.7 Balance of Imports over total exports 276.9 251.2 209.8 184.3 A particular feature is the diminishing quantity of the so-called adverse balance of trade. The great disparity in the later returns as compared with those of 1930 and 1931 is largely accounted for by the fall in price levels. This, however, has been accompanied by a substantial decrease in the volume of trade. The August figures showed a definite improvement in turnover as compared with the corresponding month in 1932. It was actually greater than for any month since March. This may be partly accounted for by the increase in wholesale price levels, which had risen 12 per cent at the end of July. September figures show still further increase. The renewed industrial activity reported recently from Britain appears to bo reflected in these latest statistics.