BRITAIN'S TRADE.

Auckland Star, Volume LXIX, Issue 45, 23 February 1938, Page 7

BRITAIN'S TRADE.

SOLID PROGRESS. Government's Aid to Industry's Development. FISCAL POLICY CHANGE. British Official Wireless. (Received 2.3*) p.m.) RUGBY, February 22. Owing to pressure of other duties, the Prime Minister was unable to speak at the Government dinner to mark the opening of the British Industries Fair, and Lord Derby, who took his place, spoke from Mr. Chamberlain's notes. "In the early days of our industrial development/' he said, "the Government played but a minor part in its activities, but in more recent times we have had to realise that industry left to itself, however efficiently organised and carried on, cannot create or maintain conditions necessary for its successful operation. "Only Governments can deal with other Governments, and to an increasing extent the actions of the Governments to-day regulate the direction and volume of trade. "I cannot too often emphasise the fact that confidence is the mainspring of progress and prosperity everywhere, and, conversely, uncertainty and fear for the future produce recessions and slumps as inevitably as night follows day. For the Government of this great trading country, it must always be of prime importance to promote peace, not for ourselves alone, but for all with whom we trade." Referring to the 1931 change in fiscal policy, Lord Derby said: "It cannot be charged against Britain that she throttled foreign trade. Last year the value of our imports was £180,000,000 more than the year before, and amounted to over £1,000,000,000. "Of that huge sum £620,000,000 came from foreign countries whose prosperity and employment were thus fostered by the improvement in our own industrial conditions. We are looking forward hopefully to the outcome of negotiations for a British-American trade treaty in the belief that if successful it may not only benefit our two countries but may serve to stimulate further expansion of international exchange of goods."