UNEMPLOYMENT DECREASING.

Evening Post, Volume CII, Issue 81, 3 October 1921, Page 7

UNEMPLOYMENT DECREASING.

NEW YORK, Ist October. The Australian Press Association interviewed Mr. Sheldon, Trade Commissioner for Australia, who has arrived here from Europe. He said: — "As far as I could observe, there is a realisation in Britain that both Capital and Labour are rieceesary for reviving trade upon less inflated lines. The fall in price of coal ia ; gradually reviving, and many industries '. and works that have been closed for some time are opening again, especially in. the iron and stool trades. The conditions of the wool market are also better. There is a more hopeful trjL» in the Bradford wool marts than there has been for a long time. "Shipping is still in a bad way. It is not so much a question of freight rates as actual want of business. ShiDbuilding in Britain, like the rest of the world, is at a standstill. No new orders of any importance are being taken. "Concerning retail prices, I can say that during the last two or three weeks of my stay in England retailers began to show that they were facing the situation by evidence of a greater tendency to meet market conditions through lowering prices. The wholesale prices in a great many lines are considered to have reached1 bottom. The buying power of the British public is very much diminished. This is the result of unemployment, which was brought to a head by the great coal strike and the general depression of trade, which is only just beginning to lift. "Complete revival of trade will be a long process. Unemployment is gradually decreasing, but not as fast as could be desired. Public opinion in. Britain is getting very active for retrenchment and curtailment of Government expenditure. Tliig, with the question of unemployment, will in all likelihood have great domestic issues in Britain during the next eighteen months. EXCHANGE AND EXPORT.. "Although the dollar is at a premium in relation to sterling, the latter has so appreciated relative to other European currencies that it severely handicaps the export of British manufactured goods. In the last few weeks, however, there has been a better tone in the export field, because it is felt that foreign competition in most lines has 'gone the limit' in the way of low prices. "There is one point in the readjustment of values throughout Europe winch will have a very good influence, for it will enable the controllers of currency in European nations who are anxious to deflate to begin to reduce their paper issues. This will be a godsend to 'Europe. Less paper.money and greater purchasing power of existing currencies will go a long way to solving the pre: sent economic difficulties and restoring general confidence." When asked to" state the position of Australasian commodities on the British markets, Mr. Sheldon said: 'IFrom my observations I believe that Britain will, as in the_ past; be a great market for Australasian products,- and though at the present moment the British markets are well, or, perhaps, over supplied with such goods as meats, this is merely a. temporary matter resulting from the disposal of products that came under Government control."