BRITAIN’S EXPORTS

Greymouth Evening Star, 8 December 1939, Page 7

BRITAIN’S EXPORTS

GREAT RECOVERY INDICATED BACK TO PRE-WAR LEVEL [BRITISH OFFICIAL WIRELESS.] (Recd. December S, Ll 5 p.m.) RUGBY, December 7. Replying to the Commons debate on the Liberal amendment to the Ad-dress-in-Reply to the King’s Speech, the President of the Board of Trade (Mr. O. Stanley) said: “The first month of the war showed a very heavy fall in the value of our export trade, namely, something like 38 pelr cent. 1 cannot ’ ‘pretend that the fall was not. expected. The immediate effect of an outbreak of the war is to destroy the conditions necessary for trade. From the mere impact of war upon our peace-time export trade, British exports fell in the first month of the war in 1914 by 46 per cent. In the‘second month of the present war, there was some improvement, when our machinery began to work more smoothly, and some of the shipping difficulties were reduced. A comparison between October and September showed a rise from 23.1 to 24.6 millions, or a rise of seven per cent.” He could not give the final figures for November, but on the; preliminary figures, which there was no reason to suppose would vary very much, there had becih a major change in our export position. Whereas in October the rise over September was of the magnitude of seven per cent., in November the rise over October was in the neighbourhood of 50 per cent. The result was that the level of exports for November was about back to the level of exports of ths last months before the war began.

In. the last war, said Mr. Stanley, it was not until the Spring- oi 1916 that our exports got as close to the comparable months of the last year of peace-time, as wei had in November of this year. He claimed that the facts he had given showed a very considerable export, trade was now being done, and that the export trade co-.ld be 'and must be increased. TRADE RESTRICTIONS • Referring to trade restrictions, he said there were a certain number of articles and raw materials so urgently required for th? purposes of national defence that we could not afford to export them, or only to allow them to be exported in limited quantities. It was only by a system of export licenses that we could prevent valuable exports from this country reaching the enemy, and so aiding them in their own war efforts. Though these restrictions are necessary, it has been and will be our constant effort to reduce them, anti to see that they operate as smoothly as possible.” Turning to the efforts aimed at increasing the volume of exports, Mr. Stanley said: “It is along the accustomed old channels that Hie great volume of oTtr export trade is being done, and in that the best possible hope lies of an increase.” Referring to coal, which he described as the mosi-important and valuable of our war-time erports. Mr Stanley said that coal exports had expanded considerably since the war starred. He added: “Over a large range of export -tra/.o to-day, markets are not the real difficulty. We have evidence from large- varieties of ti'ade.rs that I not only are our enquiries, up to the peace-time level, but they are mcreas-

ing. During the debate on the Liberal amendment. moved by Mr. Owen Evans, certain criticism was made against the falling off of British exports, and doubts were expressed •as to whether the ’nest use of the financial strength of the country was being made. Mr. Evans urged that trade, delegations should, be despatched to neutral countries.

Mr. Shmwcll, for the Labour Party, supported the amendment, and argued ihat the expor. restrictions should be. relaxed.