BRITISH TRADE

Evening Post, Volume CXXII, Issue 154, 28 December 1936, Page 10

BRITISH TRADE

THREAT IN ARGENTINA

The potential threat to British trade interests contained in the great PanAmerican Congress which the United States is planning in Buenos Aires next December was mentioned by Lord Luke in an interview with a representative'of the "Daily Telegraph" recently. Lord Luke, who is chairman of estate companies in Argentina and Australia, a director of Lloyds Bank, and chairman of the British National Committee of the International Chamber of Commerce, has recently returned from a visit to the Argentine, during which he travelled 3000 miles in thirty-two days. He has been visiting South America, usually once every two years, for forty years. "With the Presidential elections out of the way I am sure the United States will make a bid for South American trade," said Lord Luke. "Mr. [Cordell Hull will attend the PanAmerican Congress. We must try and conclude our new Anglo-Argentine agreement before then if we wish to avoid putting the States in an exceptional position to negotiate a treaty with the Argentine. "I think we have a strong position in the Argentine, because for the past fifty years we have done more to help it to develop than anyone else. There is a more hopeful atmosphere throughout the Argentine than at any time since the crash of 1929. MAIZE EXPORTS. "Contributory factors to increasing prosperity are good maize and linseed crops, with higher prices for maize, linseed, and wheat; heavy exports of cattle products, and the surprising progress made in cotton growing. "Maize is being exported not only to the Argentine's usual customers, but also to a big producer, the United States, and a smaller one, South Africa. "In spite of all this local prosperity, if you have made profits in pesos it] takes half as many again to buy £1| sterling as it used to; so that in many British-owned concerns the number of pounds sterling sent home may cover debenture interest, but not leave any-, thing for dividends for the ordinary shareholders. "With the increased economic unsoundness of many European countries, we must hold on to our trade and investments in South America. Particularly is this the case with the Argentine, which can send us such good food by way of interest on our investments. ' She' not only sends us food for man, but is sending our farmers 80 per : cent, of the maize they buy as a cheap,feeding stuff on the farm. "The Argentine could with ease house, feed, and clothe a population of 50,000,000, and undoubtedly it will reach that figure during this century. It is important that we should continue friendly relations and reciprocal trade, especially when our choice in other directions of credit-worthy, economically sound countries is becoming limited."