ON THE ROAD TO RECOVERY

Evening Star, Issue 21720, 15 May 1934, Page 8 (Supplement)

ON THE ROAD TO RECOVERY

DUKE OF YORK AND NEW METHODS The Duke of York attended the dinner given by the British Government at the Mansion House on the occasion of the opening of the British Industries Fair. Mr llunciman, President of the Board of Trade, presided, and the 400 guests included members of the Diplomatic Corps, representatives of the dominions and overseas possessions, and buyers from many foreign countries. In proposing the toast, " The British Industries Fair," the Duke of York said:— " This is the fourth time that I have had the pleasure of proposing the toast of the ' British Industries Fair ' at the annual banquet to inark its opening. _ My family, and the Queen in particular, have, as you know, always been greatly interested in the fair; indeed, the Queen has visited it every year it has been held since its inception in 1915. " I would like to extend a very hearty welcome to our guests from oversea who are present with us tonight, and to wish them a very pleasant visit to our country. They will perhaps allow me first to refer to certain aspects of the fair which mainly concern my countrymen. "It is perhaps a good thing to remind ourselves that the development of the British Industries Fair has taken place during a period of change without precedent in economic history. The first few years of the fair's life saw a great boom in world trade, followed by a depression'which increased in its tragic effects until commercial and industrial prosperity began to leave I the world. But throughout these latter years our nationla Trade Fair has kept its course, growing in scale and

effectiveness with each passing phase. “ To-night we are celebrating the opening of the biggest fair which has been held since the first British Industries Fair in 1915. I think we can derive quiet satisfaction from the apparent paradox between the continual expansion of the fair and the circumstances in which that expansion has taken place. Among other things it shows that we do attach value to advertising when times are bad. UNDAUNTED BY GLOOM. “ Those great buildings at Olympia and the White City (where new halls have had to be taken this year) and at Castle Bromwich (where many thousands of square feet of space have again been added), with their array of the high quality products of British Industry, reflect something more than the capacity of this country to compete effectively in world trade. Tho growth of the fair and the essential part which it now plays in the economic life of this country have, I think, a deeper significance. The unfailing support given to the fair by British manufacturers in good times and bad, is surely an expression of their attitude towards the larger question of the difficulties of trade as a whole. It appears to mo to show that, as a nation, wo have remained undaunted by the economic gloom which has so long overshadowed this country and the world. It shows that we have neither lost confidence nor at any time admitted defeat. Those who visit the fair this year will find that many of the industries represented in it have been active in improving their methods of production, in developing the manufacture of new and better articles and equipment, and in strengthening their distribution and sales organisation. And that, I think, is true of most branches of industry in this country. “ Those who have steered our great organisations through the difficulties of recent years are indeed to be congratulated: their work, and the example they have set, should give confident hope to the energetic youth of

our country who will follow in their footsteps. There is thus being placed to our reserve account as a nation a credit balance that will give the next generation more faith and greater strength in the years to come. “ We in this country feel that the British Industx-ies Fair makes an important contribution to international trade, and that it should be no small factor in the promotion of more friendly relations. We must not be indifferent to those who are willing to trade with us. The prosperity of other countries should be of vital concern to us. We therefore welcome those who come from oversea to visit the fair and, I hope, to buy. For in buying from us they enable us to buy from them. BEGINNINGS OF REVIVAL.

“The forces which have held the world in bondage are slackening. Tlv* beginnings of a revival of trade are taking their place. In this country we were able last year to reduce the numbers of unemployed by more than 500,000, and though there may be ups and downs the downward tendency which marked the activities of most of our industries is in process of being checked, and there is evidence of a definite upward movement. But we have to remember those workers and machines which are still idle, the numbers of our people who are • still denied the opportunities of a fuller life. “ The road to recovery is no easy one. And the progress wc make depends not only upon using those qualities which adversity has developed in us, but upon our being able to sweep away many of those prejudices, restrictions, narrow, insular points of view which can slow down progress. Recovery, if it is to come about, surely calls for an attitude of mind and a breadth of outlook which were, perhaps, unnecessary in the days when it was easy to.sell if one knew how to make. Surely the signs are favourable. Our partial recovery should give us fresh faith in ourselves, in each other, in our resources, and in our capacity to use those resources. Some risks must be taken. It may be necessary to adopt a new equipment and hero and there to impress a new discipline. But none of us need be afraid. One lesson to be,learned from the British Industries Fair itself is that risks are worth taking, and that no progress is possible without a willingness to put new methods to the test. “ We still have as rich assets the great natural resources of the world in which we live and the immense and improved capacity of men and machines to convert those resources into the means and instruments of human wellbeing. “ Through difficult times the President of the Board of Trade has been watching, planning, and working ceaselessly to keep away despondency and to foster the spirit of further enterprise. 1 am sure there are many present to-night who would like to congratulate Mr Walter Runciman on his achievement, and by their sincere good wishes encourage him further in his work.

“ Let us resolve that this year shall he one of courage and boldness, with readiness to take risks and thus achieve that degree of prosperity which surely the world’s resources put within our reach. It is in that frame of mind that I ask you to rise and drink the toast of ‘ The British Industries Fair.’ ” ROYAL VISITS. Mr Runciman, in reply, spoke of the great personal interest which the King and Queen and other members of the Royal Family continued to show in the fair, and said that the Queen would visit Olympia ihat morning, the White City next afternoon, and Olympic again on the followisg morning. The Duke and Duchess of York would also be visiting the fail-, and the Duchess had visited the ¥hite City that day. (Cheers.) In offering a special welcome to the unofficial representatives of the various countries Mr Lunciman said that we were a trading nation; that was a trade occasion, and they welcomed especially those who came to buy. The fair itself was larger than ever before —much larger. If the Queen was to see all the fair, he understood that it would be neceisary for her do walk thirty miles. They hoped the fair was even more attractive than before. At any rate, they!had tried to make it

so. ! ... We had contiiued as a nation during the depression to buy abroad more goods than any other country in the world, and, whit was more, had continued to buy more from others than we sold to tliein. This fact deserved special emphasii at the present time and on this particular occasion, when we were extending a co'rdial welcome to oversea buyers to visit the fair. Wo were asking thein to come both to sec and to buy, for;we wanted them to see for themselves the immense range of the goods which we had to offer. Britain could be iheir best suppliers as well as their best customers. (Cheers.) We wanted to assure them that wo had made great progress in industrial technique and had increased the diversity and adaptability of our products. With that object in view, we had assembled examples conveniently for the buyers’ inspection in the most comprehensive display of the products of this country which had yet been seen. (Cheers.)

He was glad to see that the response to the invitations to the fair, which had been scut to buyers in 100 different countries and territories, had been exceptional. The highest attendance of oversea buyers that the fair had known and the biggest purchases were expected. This year a new Empire section took the place of the Empire Marketing Board exhibit. Tho dominions, India, and Colonial Governments knew the value of the fair, and had combined to maintain their representation in it. In the new Empire section at Olympia might be seen a varied display of food products and raw materials which illustrated the immense resources of the British Empire. They would find represented there the United Kingdom, all tho self-governing dominions, India, Southern Rhodesia, the Eastern African Dependencies, Trinidad and Tobago, Cyprus, and Mauritius.

A CHANGE FOR THE BETTER. Ono remarkable Government Department which came under his supervision—the Export Credits Guarantee Department—was remarkable because it made profits instead of losses. It was not often that a Government Department was called on to defend itself against that charge. But if the State could help traders to insure against bad debts without itself making losses, that was an enterprise worthy of encouragement. That in fact was what the Export Credits Guarantee Department t bad so far succeeded in doing, and there was to be a further extension of its activity for another five years. (Cheers.) The credit for this success belonged not to any Minister, for Parliament in its wisdom took the responsibility of running this business out of the bands of the politicians and placed it on an Advisory Committee of business men. (Laughter and cheers.) Of this committee, drawn largely from the City of London, he could not speak too highly. Under the able guidance of this committee the department bad in the past few years enabled British firms to secure millions of pounds of orders which would otherwise not have come to these shores. He hoped all British exporters were aware of the ways in which the Export Credits Guarantee Department could help them to serve their customers.

During the twelve months that had passed since the last fair there had been increasing evidence that the trade and industry of the country were recovering. They could speak of 1933 as the year in which there was a definite change for the better. One of the most significant indications of activity was the volume of raw materials for use in factories purchased from abroad last year. The volume of retained imports of raw materials was greater not merely than in 1931 or 1932, but also than '1930, and in some important cases—for example, wool, hides, and timber—imports were even greater in 1933 than in 1929.

REVIVING EXPORT TRADE, The export trade had begun to show signs of recovery, and the commercial agreements which the Government concluded during the past year with various foreign countries had contributed to this improvement. While, however, there were signs that a change for the better was taking place, satisfactory progress along the road to recovery, particularly in export trade, was conditional on a further improvement in world conditions. So long as there was prevailing uncertainty as to the stability of currencies and while trade was hampered by exchange and other forms of restriction, the full restoration of world trade to its former level could not be achieved. That it should be achieved and passed was the firm hope of everyone there. It was in that spirit of cooperation and general good will that the fair was carried on. Mr Colville, Secretary to the Department of Overseas Trade, proposing the toast of “ The Lord Mayor,” pointed out that a long time ago the City of London had its own fair. It was in 1102, in the reign of Henry 1., that the Bartholomew Fair was founded ,for the cncouargement of trade.*