WELL ON WAY BACK

Gisborne Times, Volume LXXIII, Issue 12092, 3 November 1933, Page 5

WELL ON WAY BACK

BUSINESS RECOVERY IN STERLING GROUP. BRITAIN’S DEPARTURE FROM GOLD. ALREADY PAID HANDSOME DIVIDEND. (U.P.A. by Elec.. Tel. Copyright; <Ruc. Nov. 2, 7.5 p.m.) LONDON, Nov. 2. The Midland Bank Review, in an article on “The business recovery in sterling group,” says:— “It is now recognised by almost everyone that a sustained recovery in the .general economic conditions in this country has been taking place for some time. This *s a matter which is of more than nabiou&l satisfaction, since Great Britain exercises an almost unequalled influence on the trend of economic affairs throughout the world. Britain has become the centre of a vast area, of trade both national and international in currencies, based, on the pound sterling, so that on physical measurements alone, the behaviour of the pound in relation to commodities is perhaps the strongest single factor in world conditions oven allowing for the force of monetary and political disturbances arising from ether parts of the world.” The writer then surveys the course of economic conditions in the principal countries in the sterling area, citing especially the recovery of Australia and New Zealand, and concludes by saying:— “The main point emerging from the survey is that since our departure from the gold standard, o ur recovery has been steady. The departure has paid us already a handsome dividend and has enabled us to follow a monetary policy well calculated to induce the steady revival of business, and consequently has facilitated recovery over a large part of the world. Its benefits must in the course of time extend to every quarter of the globe”.

WORLD POSITION TO-DAY. BRITAIN’S GREAT OPPORTUNITY CHANCE OF OUTSTRIPPING ALL COMPETITORS. (U.P.A. by Elec. Tel. Copyright) LONDON. Nov. 1. Tile Federation of British Industries’ .journal's trade forecast for the last quarter of 1913 s:y s that despite many unfavourable factors still operating in the international fieldparticularly the recent setback in the United -States, it is possib] 0 to view the future with optimism.

The world may be said to have planted its feet so firmly on the road to recovery that if will take sojn p_ tiling more drastic than transitory events like the instability of the French franc and the American dollar to divert, it from its course. Even if there is some modification of the gold standard and a further appreciable flight from the dollar, there i s no reason why they should he unable to retain control of the domestic situation. The same is true of many other countries.

Lord Meleheit, speaking at a luncheon at the Cast Iron Research Asso elation, said Britain had not possessed such an opportunity for industrial progress and expansion since 1930. Our chief competitors were in nothing like such a relatively strong position as five years ago. Britain now had a better chance Gian ever of outstripping her competitors in world markets.