OUTLOOK IN ENGLAND

Evening Star, Issue 21935, 23 January 1935, Page 10

OUTLOOK IN ENGLAND

MARKETS FOR N.Z. PRODUCTS IMPRESSIONS OF MR G. R. RITCHIE That the outlook for industry and trade in Enerland is distinctly hopeful, and that, as to internal conditions, England has turned the corner, were opinions expressed by Mr G. R. Ritchie, of Dunedin, .general manager of the National Mortgage and Agency Company Ltd., and a director of the Union Steam Ship Company, who has returned after spending nine months in the Old Country, in the course of an interview published in to-day’s Christchurch ‘ Press.’ Mr Ritchie said that England had made a splendid effort, and was an example to other countries.

Mr Ritchie did not wish to make any definite comment on the prospects for New Zealand’s markets tor primary products in the United Kingdom. He said, however, that he was reasonably certain that if only greater stability could be achieved on the Continent, and if the nations could get together, ihere < would be quite an improvement in prices, particularly wool prices, and a further general uplift to trade. CONTINENTAL WOOL MARKET. Speaking of the condition of markets on the Continent for New Zealand wool, Mr Ritchie said that France and Germany were spending very little outside their own national borders. He had met in London the head of a large German shipping firm, and had said to him: “How is it that only a few months ago you were forcing up the prices for won] in Australia and New Zealand, while you now say that you have no money ito spend? ” The Gerpian had replied simply: “We had the money then, hut now wo'have no money.” Germany’s financial position was difficult to understand, said Mr Ritchie. A short time ago special arrangements had had to be made for the payment of money owed by Germany for goods bought in Lancashire. Good prices for New Zealand woo! in England depended largely on the existence of satisfactory outlets for England’s manufactured woollen goods, and these in turn depended on the restoration of trade between European countries. English statesmen were striving their hardest to establish peace and goodwill on the Continent and to restore trade, and it was now accepted generally that no country could live in isolation. MEAT EXPORTS. The price of New Zealand lamb was at present quite satisfactory, said Mr Ritchie. He thought that, as far as could be judged, so long as the quality was kept right, England was the dominion’s best market for frozen lamb. Thera was, however, a feeling that New Zealand had penalised the British exporter by the raising of the exchange rate: hut at the same time it had to be realised that it would be hard to lower the exchange here so long as the high rate was maintained in Australia. The excnange had reduced exports to the dominion from the United Kingdom. Mr Ritchie said that the chilled beef already sent from New Zealand to England undoubtedly had a better appearance on the market than frozen beef; but he was not sure that the chilled beef trade could be developed as a major item fif Near Zealand s exports.

Although ships were being built for the transport of chilled beef, this was only part of a general placing of new tonnage in the New Zealand trade. All the principal shipping companies were bringing out new ships, but these were in most cases necessary replacements of tonnage which had outlived its usefulness. IN ENGLAND. In England, said Mr llitchic, there had been a marked improvement in a number of important industries. The shipbuilding industry was busier than it had been for a number of years; coal mining had shown a distinct improvement, and several steelworks and other factories had been opened during the last year or so. Generally speaking, present conditions inspired a feeling of hope, and it seemed that the Old Country had weathered the storm.

Mr Ritchie made a long motor tour through England and Scotland, and everywhere lie stayed he noticed that the hotels were full. There were many Continental visitors in England last summer, and hotelkeepers considered that it was the best season they had known since the war. Shops in the cities were doing very good business, he said, and there was everywhere a feeling of optimism. Most of Mr Ritchie’s time was spent in London, but he visited most of the larger cities in the United Kingdom. His tour extended to the far north of Scotland, beyond Dingwall, and to the southernmost parts of Cornwall. Mr Ritchie returns to Dunedin tomorrow.