IN STRONG POSITION

Evening Star, Issue 22890, 23 February 1938, Page 10

IN STRONG POSITION

BRITISH INDUSTRY FUMBiSHINB CAN MEET ANT FLVCTUATIINS (British' Official WireleM.l ■' Press Association—By Telegraph—Copyright . RUGBY, February; 21. “ Prosperity. is here again,” was A keynote of speeches at a .Government • Mansion House banquet ■to’ ’the buyers visiting the British- Industrial. ’; Fair. -Representatives .of .70 countries attended. . ' ■ . "Lord Derby," using notes ■ prepared for Mr Chamberlain,-who was absent, declared that- the United - Kingdom s industrial production in 1937, exceeded that of 1929 by 25 per cent. Apart from rearmament, which was "a- fraction of the activity, ; many firms had sufficient work' to * keep. f th6in busy at full capacity Tor i months./’ There was no doubt the United Kingdom was;m a very strong position to ineet any fluctuations in world. conditions. ’ - Tilt MVERHMENT'S f AAT (British Official Wireless,!, . RUGBY, February -22. (Received February .23, at 11;'30 a.m.) Owing to pressure of othcjr duties the Prime Minister was_ unable to speak at the Government; dinner to mark the opening of the British Industries. Fair, and Lord Derby; who. took his place, spoke from Mr . (.hamberlaitv’snotes; “In the early days of-our industrial development,” he said, ‘‘ the Government played but a minor part in; its' activities, but in more ■ recent; times we ■ have had to realise that industry left to itself,-however efficiently organised and carried on, cannot create or ’maintain the conditions necessary for successful operation. Only Governments can deal with other Governments, and to an increasing extent the actions -of Governments tb-day regulate the direction and volume of trade. I cannot too often emphasise the, fact that confidence is the mainspring of progress and prosperity everywhere, and,' conversely, uncertainty and fear for the future produce recessions 1 and slumps as inevitably as night follows day. .For the Government of this great trading country it must always be of prime importance to promote, peace not for ourselves alone, but for all with.whom we .trade. ”■ Referring to the 1931 change in fiscal policy, Lord Derby said :■ “ It csn-i not be charged against Britain that she throttled foreign trade- Last year'the value of bur imports was £180,000,000 sterling more than the yesir before, and amounted to over £1:000.000,000. ■ ,Of that huge sum £620.000.000 catne from foreign countries whose: prosperity %iidemploym?nt were thus fostered by: the improvement in our own industrial con* ditions. We are looking forward'hope*: fully to the outcome of' the- negotiatioiis for an Anglo-American-: treaty in the belief thati if successful, it may not only benefit'our,, two countries, but may serve to stimulate the further expansion of international exchange of goods.’*