CHANGE IN WORLD ECONOMICS

Press, Volume LXX, Issue 21354, 22 December 1934, Page 15

CHANGE IN WORLD ECONOMICS

WIDE DEVELOPMENT OF INDUSTRIES BAD EFFECT ON BRITAIN LONDON, December 20. The Westminster Bank "Review, discussing how the difficulties confronting British industries have been aggravated by the spread of industrialism in other countries, says. "Nations whose role in the world economic organisation till the outbreak of the Great War had been that of primary producers have become averse to continuing as heweis of wood and drawers of water for the Western nations and have been stimulating the growth of their manufacturing industries. "Great Britain particularly has suffered from the development ot secondary industry in the Far East. South America and her oversea Dominions. . . . . "Manufacturing industries in wnat have formerly been mainly primary producing areas have come to stay and the problem for each individual British manufacturer faced with this new source of competition is to nnci alternative markets. "We probably cannot look for a return of the nineteenth century world economic organisation and a fairly rigid differentiation between suppliers of food and raw materials on the one hand,'and manufacturing nations on the other. If this is so then for no nation is it more serious than for the United Kingdom, which has depended for its very existence on selling manufactures to buy food."