GREAT TRADE "BOOM."

Dominion, Volume 6, Issue 1648, 15 January 1913, Page 8

GREAT TRADE "BOOM."

RECORD PROSPERITY IN BRITISH: ISIES. MORE WORK.AN'D..MORE MONEY FOR EVERYBODY.

The Daily Mail" recently conducted an informal intjuiry,into; various branches -of : British trade,.and the results' lo hand' reveal overwhelming'., evidence that tho country is at present enjoying d record trade "boom." From ftvory quarter como reports of general.'-and abounding pros-: perity. Almost- ,ev;eryf~ trade and .every locality has the sanlo tnlo to'tell of'flourishiiig business, eager- demand, audprofitable prices..:, - ~ ' ■ •..;■" •■' In tho great staple industries of tho' manufacturing districts no'other cause of_ complaint seoms.^b,exist except tho difficulty of bbtaining-a. sufficiency of skilled, labour. Thb,universality of tho present': '-boom" cqnditions is, a surprising .'feature oven to'tho*most; optimistic... Tho prosperitj' in tho sliipping,;coal,' iron, arid cotton industries is' r,cilected in tho reports from many other trades. . .-.■■■ Furniture'ana clothing, cutlery, and hardware, boots arid snocs, lico and, -hosiery, tho-varied' industries 1 of Leeds:, and Birmingham, Sheffield, and Nottiiig-j; ham, Leicester and |Northamptbni of ,tho manufacturing towns) groat and small,aal t : aro activo and ■ profitable,' and vnot less gratifying tp record-.than tho .universal prosperity is tho- .'universal'' optimism which prevails. x '. : ,:.- ,'., Tho same gratifying'condition prevails in the retail trado'of thc.country. London and the groat' provincial towns, have the same story -to' tell. Tho Shopkeeper .everywhere., is-participating in the general prosperity.'''-V. ■■' '-:: '.; '. ' Retail prosperity is : jiot,.of course, a con-. ditioii that happensvby : accident or creates'ilsclf. .It,is a-result and'indication 'of the profitable,' activity of tho produc- : live' industries, of tho country. The total value of exports,-, tlio produco and rnanufac'tures of the United Kingdom,'for .'October, -1912, ''is' i8ir3,d53,982, -as against .■£43,518,303 - in' thb: .corresponding .month da'st'year. ' .f'.; • v'l'-- '■>■,'"■.■'■'' '■,':' '"■''•

;Few Unemployed, ;- : .';'. y} ■•'.-' ■•;: ?. .'. Unemploymint '>in'- tho' British, Isles,' has. fallen ovet recorded eihcß official-- statistics..b'ecaiiib' availatlo 'for.exact' Com^'atisb)i': ' For.th© month 6f October, 1912, thb: 1 official .return of : tho Labour Department Of'the.Bpard.of Trade Show's- a' p'ercedtago of 'among" trado* union nicmbers.of 2.0 per cent. Two' per cent:, is" regarded by the statisticians Ms practically the /'rock bot'toin" of.'u'hbiriplojnicjit'.-' ~■ ■•;'.-' i ,,.' ' , ,-' In no year, einco 1874 has the .percentage touched 2. In 1899,' '.V'hi6h- stands as; tho record year- of -mbre'recent times, it was 2.05; in 1900,'-,whiph'is-the-lstandard ytjar for .statistical, companson,- it Was 2.45. , ■The . featiire vof' the 'reports 'from -tho. great mahufacturing'-'districts is.the growing demand in nearly every one of tho principal industties.,lor 'skilled labour. From Biririirigham; >bni "Glasgow, froto Leeds, and Sheffield/ Nottingham and \Lejcestcr,' from thb cbtto'rt,■'-■ coal,- ah'd iron districts, arrive stat'emepts of the,difficulty of finding, competent ;lnbour tp' iman, the new machinery'' and to.' mec't thb clamorous, trade: demands. Britain has,riot skilled .workers enough to.riieet. the ■ requirements of tho industrial annus mirabilis of 1912.*

- Increases in rates of. 'wages .in • various trades, which/ came' into force during the month of October/ amounted to '425,000 Vrcekly.. By the" end. of'.October the advanced rates-of pay conceded in various industries, sincotho beginning of. the year represented'ah.-'addition' to the .weekly wages sheet; of •■4iH,7&).'; This 'figure, of course,'takesi-no'i'ac.count of the-, great increase in weekly wages duo to increased employment and production, of which'no estimate can 1 atprosent,be attempted. ..It ■is to be noted, however,'; that the representative returns.officially collected from a number of'large firms in various trades indicate-that, while the number of men employed had increased-sinw the previous .October by 2 per, cent; the -siim paid;}n wages had increased by moto than 81 per cent.,'- . ■ '.'.)'-' V -v:'.•■.'. ','■ ■.;■'. ■■:./''■ -.v..

■ -The official.:figuresjrelating:to. ; , nearly, every branch of industry indicate thisde.; mand for labour.; .•...;,'.'.. '')'..:.'■

,Tho_annual report of the working of tho Savings: Bank goes •' only ,to\the close of, last year. But it'suggests how.tho pre-, sent "boom",was then, gathering. : In 1911 tho Post Offico Savings -.' Bank deposits t0'.£50,102,531, as against .£46,205,870 in the previous year,.ivhilo the excess of- deposits' ovcr i withdrawal's,..which in 1910 was a (negligible quantity,' was no less, than three: 'and. a: hair'. million pounds:.' •■'■ ■'■ '..•■"•. \ "';'; ■ '.' • .'' V : Striking evidence;'of the faster'pace at; which the wheels of industry in this country have lately ■bepti™reyoiv ] inf» is 'to 'bofound ,in • the'» Bankers.' Clearing' Housb figures, which; showing' day by day 'the tetnl amount of'tho cheques drawn, give a clearer indication'pf the; actual position of affairs than, any: other' figures' avail-' .able. : .'.:■'•, ' ■ , J '..;;.;■'■' ' We ;fory.the. current year to date (December 7)" i tnP clearings m London amount to'no lWithan; JBU;4BB;stt,ooo,' which exceeds total'for,' the corresponding period <)f Jast year by'■■ £1,090,299,00,0,.0r over'B ; .por'.'cent.,.; ..".-- ••■■■/ . Thcsa amount's ic'o'vpr;' the 1 - whole of, the country's business, activities—financial as well as industrial. They therefore include the big turnover of mpney occasioned by Stock Exchangb., trahsactioris.': Dy / closer examination of. tho returns it is possible to' obtain a moro' a<!c'uri}to trieasuro'iOf .the turnover dud to industrial as distinct from merely. financial 'activity.'"..' '..'.. > For instance, by ..adding :'up the totals for. the fourth-pf. eacliVmonth ,m> .exclude tho Stock Exchange fortnightly: settlement' days, which occur at'tho middle and v the : end' of 'each montl) andlgivej f u|l wcight..to tho industrial element, becauso tho fourth day of tho'mbnth.is a gqnoral date for tho. maturity of commercial bills. Tho total? for the fourths, of every month, this' year amount, to JCs9o',Bßs,ooo' l >h'orcas the. cor T responding- . figurei'fpr> last' year.:"was' ■£514,170,000, -.an "increase of :.£76,715,'000,' or 15 per cent.,■ whereas' tho increase shown by..the' .totals' .for, Stock' E^cha'togo'6ettle-' men't days isonly' 7 v per cent." '. , Thus it is evident.,t.Kat..the.. growth of; the' aggregate ■' turnover is duo in much greater, ineasuro'.td: industrial than ;:to; merbly financial .activity.-, : ,'..' Equally 'striking figures are 6hbwn by the returns of mdst'of.ijhe provincial.clears. ing houses.' 'Although" tho Manchester clearings, amounting, to:; £369,859,000 , to date, .show an advance of only , about 2 per cent., the',, [Liverpool' :returns, .at ■£210,998,100 'show" an'' increase of - 8;. per cent., while Birmiheliam,,,with a total clearing of £63.644,900,'-' has, increased 10J per cont.l and.'Nfcwca'stle-onrTynp, with-a total of 'jE49,0G5 ) 28!0 > ' ~ 's!iows:an increase of' ns' much' as 13' per' cent. .'.,,, '■." ' In spite of all their- proverbial eonser-' vatism and caution,,tho great bankors of tho country :.aro bearing testimony to the "boom" in trade;' /''. ■ ?:.■ • .-..-;.'. ' ' •'■ ' '■ Sir, Edward -Hqlden, the chairman and managing director of tho London City and Midland -Bank, writes":-^''.'■"„ ', , :, ■'. ', "Tho'prosporous trade conditions of tho country have been refjooted in'tho'banking' business in two way's:.(l),ln the increased turnover of tho various ..businesses;'and' (2Vin larger advances to the'trades. . ■ "Taking the'ten large.joint-stock Iwnks who nublish'their balance-sheets monthly,, the deposit, and ; 'current 'accounts'at' the' end of Octobor lastiamounted to, about£soß,ooo,ooo.'. against £480.000,000'. at the same iimo last year-ran incroasp pf about jE")* 000,000,' while' advances >havn itono uri by "about .£18.000,000/ 'from ; JC261,000,000 to J279,000,000.''; J .-.- ;■■.■■■■ •„.■• .' .;•