BETTER TIMES

Evening Star, Issue 19775, 27 January 1928, Page 6

BETTER TIMES

.BRITAIN'S TRADE REVIVAL HIGHER STANDARD OF LIVING EMINENT BANKER’S VIEWS. (British Official News.) Pres* Association—l3j Wireless—Copyright. RUGBY, January 26. (Received January 27, at noon.) The chairmen of two of the big London banks spoke to-day in optimistic terms of British trade prospects. Mr Tennant, presiding at the annual meeting of the Westminster Bank, said: “In the view of those best qualified to judge, the total volume of the country’s economic activity is greater to-day than in any year since the postwar slump, and it is 'probably greater also than in the active pre-war year, 1913.” , , . The recovery from the setback of 1926 had been sufficiently quick and sustained to bear testimony to the economic stamina of the country. Mr Tennant said that there was a consensus of opinion among economists that as a nation Britain was spending more than she did before the Great War. The masses of the people were better clothed and better fed. The motor car a few years back was a luxury of the rich, while to-day garage accommodation was one of the first occupations of architects of even humble houses. In so far as this freer spending represented a higher standard of living, better health, increased efficiency and happiness, it was entirely welcome. Moreover, in the period of rapid change, such as this country had been passing through, a number of goods had passed out of the category or undoubted luxuries into or very nearly into the class of commodities regarded as necessities. Two factors which facilitated this change were scientific invention and massed production. The former had brought silkwear within the reach of almost every purse, while bv the latter method the motor car hacl become cheaper and cheaper, and therefore progressiyely available to wider and wider sections of the population. Mr Tennant added flint tne artificial silk industry, despite the great extensions of mills and machinery, still, found that the demand ran far ahead of the supply. Sir Harrv Goschen, presiding at the annual meeting of the National Provincial Bank, said: “We see theatres, cinemas, and other places of amusement crowded with every evidence of prosperity, and retail establishments never appeared to be more attractive nor better supported by their customers. Indeed, it may be justly claimed that the general standard of living seems to be higher, and implies increased expenditure, consequent, we mav assume, on increased earnings. During the year £317,000.000 of fresh capital has been subscribed by the public for industrial and other purposes . of which £55,000,000 has been on account of loans to foreign countries which is some indication of the country’s sa.Vigs. There is, I believe, evidence that the tide has at last turned ad is moving slowly towards better times.” CREDIT BALANCE PREDICTED. TRADE BAROMETER RISING. LONDON, January 26. (Received January 27, at 1.35 p.m.) “Whereas in 1926 there was an adverse overseas trade balance of £12,000,000, I calculate that in 1927 there will be a credit balance of £73 000,000,” said Mr Arthur Samuel (Financial Secretary to the Treasury) in a speech at Woking. He emphasised that the British trade barometer was steadily rising. Activity in the home market was greater than ever before, and the export industries were successfully meeting foreign competition. There were probably more people employed in Britain to-day than ever before in the history of the nation.