BRITISH TRADE

Dominion, Volume 23, Issue 5, 1 October 1929, Page 11

BRITISH TRADE

“A BRIGHTER FUTURE”

DEFLATION OF HIGH PRICE LEVELS

“The general but slow and sure recovery of trade will gradually solve the financial and industrial problems which have hampered and perplexed the British Empire during the past few years, and a brighter future looms large on the horizon.”

The above statement was made by Mr. A. Spencer, president of the Auckland Employers’ Association, at the annual meeting.

“Just on eleven years have passed since the Great War, leaving in their train some grave problems of extraordinary magnitude and difficulty to face,” said Mr. Spencer. “In spite of the many disappointments in England, and the outposts of the Empire, the British people as a whole have made and achieved, after many setbacks, wonderful results, and considerable progress towards a gradual recovery from the effects of the war has been made.

“The necessary but gradual deflation of high price levels of the world’s industrial output, both primary and secondary, has been a slow and painful process up to the year 1927. The splendid results that have been achieved since that date in settling the ultimate elimination of risk of another war have been one of the outstanding features of 1928. Since then, every effort is being used to bring about the final settlement of the reparation problems which have occupied and perplexed those statesmen engaged In settling international affairs, and more recently the financial settlement of the reparation payments to Great Britain was a wonderful achievement Mr. Snowden, the hero of the hour, has achieved a victory of great international service which will have 'attaching effects, and has proved a valuable contribution to international welding of peace, understanding, and goodwill, and the gratitude of the British Empire is due to Mr. Snowden for the strong stand he took in forcing from .foreign lands justice to Great Britain. Peace anti Goodwill. “In Great Britain steady progress has been made to bring peace and goodwill in the industrial world. The unions controlling labour have shown their willingness to meet employers on a common ground to discuss and franklv enter into the problems that confront capital and labour, which have been a menace to a peaceful solution of these vital points, by removing all strife and suspicion from the minds of labour. So far very satisfactory results have been accomplished and labour has been prepared to meet the changing conditions brought about by foreign competition. As a result of these conferences the relations between employers and employees have been vastly improved and a bond of sympathy and goodwill has been fostered. “The need for the re-organisation of industrial units has been a step in the right direction, and has had the full support of employers’ associations and captains of industries.”