BOTTOM TOUCHED

Gisborne Times, Volume LXXI, Issue 11325, 1 October 1930, Page 2

BOTTOM TOUCHED

BRITATN’S trade

IMPROVEMENT PREDICTED AT

END OF YEAR

NEW: CAPITAL AV ANTED.

GOSPEL OF SAVING OUT OF ‘ FASHION.

(British Official '■‘Wireless,) . . j RUGBY, Sopt. 28. Mr William Graham, president of the Board of Trade, speaking at Carlisle last night, saidMhat witluu .the J aggregate, national' of ; apiproximatoly j £49)00,000,000 per annum there was j considerable room for direct saving, j and for a redirection of expenditure from non-essential to essential servi- j cos and commodities.that would pro-f vide a greater *■ oluinc of employment ( and at the same time make a rccov- ■ cry of trado. possible. British. taxa- . tion at £ls oa £l6 per head was un- i doubted Iy the heaviest m the world.; Meanwhile British trade had encountered a liist. class economic < storm. Commodity prices had moved* rapidlv downwards since last Uctober There were, liowcvor, -signs: that the bottom had now been touch- 1 od at all -events in certain leading; commodities- There would be no'genoral world recovery until t-lio upwaid movement was of a definite character. • Certain critics placed the improvement at the end of the. presen t year, and others in the spring, email agreed that it would be gradual' in character. • , r t 1 Sir Basil Blackett, a director of .the Bank of England, speaking at. Buxton vesterdav said the world as a. whole was not storing uj. capital as fast as it ought to do.'Now-capital was not being produced•'at:*a sufficient rate to secure for the next gpn- ■ oration that advantage and wcll-bo-iprr which it was entitled .to expect from this generation. Only savings could create new'capital, aiuf at present the gospel of saving, was out of fashion. • Referring to fhe taxation question, lie said tliat quite. apart from, any theory of protection, there was a very strong case to-day,- as was.recognised bv a large number: of free larders, for a revenue tariff in order to raise the revenue needed by the Exchequer.