RESTRICTIONS ON IMPORTS HAMPER BRITAIN’S TRADE

Greymouth Evening Star, 14 October 1948, Page 7

RESTRICTIONS ON IMPORTS HAMPER BRITAIN’S TRADE

(Rec. 11 a.m.) LONDON, Oct. 13. Britain's tradevfor the first half of 1948 shows a welcome improvement despite the progressive deterioration of the terms of trade, said the Overseas Trade Secretary, Mr A. G. Bo.ttomley, today. Mr Bottpmley said there were new and welcome signs that import prices might settle downwards and the terms of trade had moved very slightly in Britain’s favour. The value of exports for the first half of 1948 was £731,000,000, compared with the economic survey estimate of £705,000,000, while invisible exports showed a profit of £16,000,000 instead of the anticipated loss of £49,000,000. Mr Bottomley said some progress had been made in achieving a balance of payments in the western hemisphere and the deficit had been reduced to about the 1946 figure. The total adverse balance-with the western hemisphere was at the rate of £390,000,000 annually in 1948, compared with £670,000,000 for 1947. Mr Bottomley reported that with the rest of the world the deficit for 1948 was at the rate of £280,000,000, compared with £630,000,000 for 1947. He declared: “Our export drive continues to meet sales resistance difficulties, especially import restrictions imposed by foreign Governments. Britain will face progressively- greater competition as other countries become more self-sufficient and the buyers’ market increasingly develops. There are many factors in the costs, some of which are within the powers of firms to alter.”