BRITAIN’S RECOVERY

Evening Star, Issue 21078, 15 April 1932, Page 9

BRITAIN’S RECOVERY

«. REVIVAL OF INDUSTRIES STILL GREATEST COMMERCIAL COUNTRY IN WORLD (British Official Wireless.) Press Association —By Telegraph—Copyright. RUGBY, April 14. (Received April 15, at noon.) The encouraging results of the recent surveys of British industries were reviewed by Mr Ruucimau (President of the Board of Trade) during a debate in the House of Commons. Ho said that Britain was the most highly industrial country in Europe, with commercial activities still the greatest in the world. Britain’s trade with Europe represented, until recently, nearly onethird of her foreign trade, but there had been a great shrinkage in European traffic. Britain would have suffered much more hut for the action taken since last August. The importation of large quantities of goods, with which the country could most easily afford to dispense, had been cut. The Abnormal Imports Orders last winter appeared to have kept down imports by at least £8,000,000 directly, and £16,000,000 or £17,000,000 indirectly. In West Riding (Yorkshire) there had been greater activity than for years past, the mills having ceased shorttime work, and many of them were working overtime. There were signs of a revival iu sonic, although not all, branches of the cotton trade. The manufacture of electrical machinery was regaining the foreign market, as well as retaining home customers. If the measure of activity of British trade was taken on exports alone, it would be found that Britain had suffered less from the world shrinkage than any country. The decrease in the first quarter this year was about £11,000,000 below that of the < first quarter last year. Whereas our diminution has been 11 per cent., the United States shrinkage, taken over the whole three months, amounted to more than 35 per cent. The German fell 21 per cent., the French 33 per cent., and the Netherlands over 34 per cent. British industries had adapted themselves to the needs of the present time, and the work-people had shown tranquillity and determination unrivalled in the world. Britain might be accused of slipping oft the gold standard and sacrificing the leadership of the financial world, but us Lord Ravelstoke said: “ While we have given up the leadership, but nobody else has taken it up.” From September, 1930, to March, 1931, the number iu employment diminished by well over 250,000. From the end of September, 1931, to the end of March, 1932, there was an increase of nearly 250,000 in employment. This remarkable change showed that the country’s position had improved by no less than 486,000 in employment. Every other country showed a heavy decrease. _ Over 390 foreign manufacturers had in the last nine months contemplated the establishment of factories in Britain, whilst seventy British manufacturing firms were extending their works or were setting up new undertakings with the assistance of foreign experts. In the last few months production had started iu forty-three of these factories built by the manufacturers of many various nationalities, and covering a wide range of industries, all of which were covered by the importation order of last winter. The iron and steel industry, coal, marine, engineering, and shipbuilding showed no material signs of improvement. Their condition was causing the greatest anxiety, and there appeared no chance of a revival until there was a marked revival in the world’s trade. Referring to the Ottawa Conference, Mr Runciman said they would go there with sentiment strongly in favour of Imperial action. Britain had advantages to give the dominions, and they had advantages to give ns. The Government was already making considerable progress in sorting out industries in which benefits could be conferred with the greatest advantage, and the dominions, also working on their own schedules, are examining the industries they think Britain can most help. Any effort made to extend the trade of the Empire would not be on an exclusive basis iu the sense that it would shut Britain off from the rest of the world. Having made secure the position in Britain, the next stage was to extend traffic within the Empire, and next to extend British trade along freer channels throughout the world.