BRITAIN’S TRADE FIGURES

Press, Volume LXXXV, Issue 25738, 25 February 1949, Page 7

BRITAIN’S TRADE FIGURES

MR MAYHEW REPORTS ON IMPROVEMENT

“APPROACHING OVERALL BALANCE” (N.Z. Press Association—Copyright) (Rec. 8 p.m.) NEW YORK, Feb. 23. Britain told the United Nations today that she is at last within sight of balancing her trade .figures. Mr Christopher Mayhew, the Undersecretary of State for Foreign Affairs, speaking in the Economic and

Social Council, said. that Britain’s trade deficit in 1947 was £630,000,000. In the first half of 1948 it was reduced to an annual rate of £240,000,000. “There is still a disturbing dollar deficit, but it is a truly remarkable and decisive fact that Britain is approaching an overall balance at last,” he said. Paying a tribute to United States’ assistance, Mr Mayhew said that the purpose of Marshall Aid was to set Britain free from dependence on America. “We have not the slightest intention of modifying our economic, social, or political plans in order to qualify for aid,” he said. “On the contrary, we are using aid to forward plans on which we know our particular future depends.” Mr Mayhew said that although Marshall Aid goods sent to Britain in 1948 renresented only 3 ner cent, of the tntal value of goods and services available in Britain, they were a critical margin that had enabled Britain to maintain her production.