DOLLAR TRADE

Press, Volume LXXXV, Issue 25932, 12 October 1949, Page 5

DOLLAR TRADE

CAUTION REPORTED IN BRITAIN “BUSINESSMEN UNWILLING TO ACCEPT RISKS” (Special Correspondent N.Z.P.A.) (Rec. 8 p.m.) LONDON, October 11. “Many British businessmen with profitable fnarkets already established in the sterling area are unwilling to accept the risks of competition in the American market, in spite of the high sterling profits which they might earn," says the London correspondent of the "New York Herald-Tribune.” “Three weeks after the devaluation of sterling. British businessmen still seem to regard their task of expanding Britain’s dollar exports with a mixture of hope and despair. There seems to be more despair than hope. To businessmen who have never ventured into the American market, the whole procedure of high pressure competition, advertising, selling, and service is bewildering and sometimes terrifying. For many of them, the risks of the American market are more than they are willing to take. “Many British industrialists who have long-established connexions in the Commonwealth and European markets are reluctant to antagonise their old customers, and do not trust the durability of the American market. This attitude is not universal, but so far there seems little evidence of the new drive for dollar exports which the British Government hoped to encourage by devaluation. , Price Readjustments Price readjustments are still continuing, but it now seems evident that British woollen exporters will have to cut their prices in America if they want to increase their trade to the required volume. Whisky and fine china are selling so well that it will not be to reduce their prices. ’British car manufacturers and Diese! engine makers have now high hopes of greatly increasing their American turnover.” Statements that it is showing lack of enterprise in developing dollar fhA rk v ts stron gly repudiated by J.h? y u ksll !£ e wooi trade," says the ■ “ The British wool larepst try 1? at Present the largest dollar-earmng trade in the cent’ t of' it SS V 1 t g i n °. less than 26 P er cent, of its total output in dollar markets. compared with an average 7 nf r nt C hTn On u‘ h u e Pnrt ° f th e 'majority 0 ‘‘t s ? • r British industries. It is possible in any trade to find be X a e S 1 r a u l indlvidua I who may not pe alive to his responsibilities hut an which is ending t„ dollar markets nearly four times as large a proportion of its exports th J g a age for other noVe'cC-' sny to apologise for its record."

living costs in BRITAIN

AIR DE AKIN’S VIEWS ON INCREASE

CHANCELLOR’S ESTIMATE

CHALLENGED

(Special Correspondent NZPA) <R Wrihn P g m -b, LONDON, October 11. serticn oy the Chancellor of the Exris e e 9 ,> r th Sir Stafford. Cripps, Ke t- I,V ? ng as a result of sterling.devaluation is unlikely to be p r S Xs one point on “It would indeed be a bold person who could suggest that this will be the limit of the increase ” savs Mr DeaKin. In point of fact, there are indications at this time that other prices may rise. If this should happen to any considerable extent, then nobody can deny Wat the standards of Living of cur people will be worsened, ipe genera* council of the Trades Union Congress has been in close contact with the Government, trving to ascertain the reasons for the Government s decision to devalue.” Mr Deakin also confirms that trade unions have discussed with Sir Stafford Cripps the advisability of establishing a national minimum wage, but ne adds that he personally is opposed to this, as it would entail the abandonment of some of the present methods of wage negotiation. He concludes by appealing to workers to accept a greater degree of wage restriction. MORE PRODUCTION WANTED APPEAL BY BRITISH UNION LEADER (Special Correspondent N.Z.P.A.) (Rec. 8.30 p.m.) LONDON. October 11. A courageous and imaginative nation-wide appeal for greatet industrial production was advocated by Mr Sam Watson, chairman of the British Labour Party and secretary of the Durham area of the National Union of Mine workers, in an interview with the “Yorkshire Post.” “I am confident that the nation and particularly the workers in industry are waiting for a bold and courageous lead from the Government and the trade union leaders.” Mr Watson said. “We need something to fire the imagination of the workers, something to bring home to them the harsh realities of the country's economic plight.” Mr Watson, who recently announced a drive for greater production in the Durham coalfields, said he had already secured a very encouraging response from the miners. He was concentrating upon persuading more pits to work a voiunlary Saturday morning shift. If all the pits in the Durham field could be persuaded to do this, coal production could be increased by 250.000 tons in six months. BRITISH GENERAL ELECTION DATE NEXT MONTH FORECAST (Rec. 11 p.m.) LONDON, October 11. Several British national newspapers to-day predicted a General Election next month. The political correspondent of the “Daily Telegraph” said there was a strong report that the Government had decided to hold the election on November 24. There was considerable evidence that business activities were being held up because of the possibility of an election in November. The political correspondents of the “Daily Mail” and the “Daily Express” report that the chairman of the Conservative Party (Lord Woolton) has given urgent orders to all Conservative organisers to have everything ready for a General Election on November 2.1. GOOD CEREAL CROPS THIS YEAR’S BRITISH HARVEST (Special Correspondent N.Z.P.A.) (Rec. 8 p.m.) LONDON, October 11. The agricultural correspondent of “The Times” says that the average cereal crop yields in Britain this summer were some of the highest on record. The wheat yield averaged 24cwt. to the acre barley 22cwt. to the acre, and oats 21 cwt. to the acre. i Potato yields, however, were well , below average, particularly in Efig;iand. Lincolnshire farmers. who usuallv secure 10 to 12 tons to the | acre, this year obtained ho more than (eight tons to the acre. [ Sugar beet crops were also below average, and deliveries already made jto factories are reported to have a (disappointingly low sugar content.