BIG INCREASE IN BRITISH EXPORTS NEEDED

Greymouth Evening Star, 20 September 1949, Page 5

BIG INCREASE IN BRITISH EXPORTS NEEDED

LONDON, September 19 (Rec. 1U a.m.).—The British National Union of Manufacturers, in a statement on the devaluation of the pound, makes the following points:— , 1. Other countries are already following Britain’s devaluation lead and, as others may also do so, the British manufacturer will. continue t 0 acute competition in the dollar m<. kets from these countries. 2 To obtain the same amount o£ dollars as before devaluation, British manufacturers will have to increase their exports by at least 30 per cent., which, in terms of quantities, will mean a very big increase. 3 In view of the large influx ot foreign goods to the American market it remains to be seen how the United States Government’s undertaking to review its tariff structure, works out. 4. British industries must increase production and there must be changes in the weight and incidence of taxation to enable industrial equipment to be maintained and improved. 5. The need for reducing British prices in the American maiket remains paramount, and the increasing personal income to compensate for the increased cost of dollar impoi ts would | neutralise the stimulus given by devaluation. Britain’s position would again rapidly deteriorate. 6. There must be a far greater reduction in governmental expenditure than that already announced.