BRITISH SHIPPING

Grey River Argus, 19 February 1932, Page 6

BRITISH SHIPPING

MENACED BY TARIFFS And War Debts BIG CAPITALIST'S PLEA. (Aus. & N.Z. Cable Assn;. (Received February 18 at 7 p.m.) LONDON, February .17. At the annual meeting of the United Kingdom Chamber of Shipping the Chamber’s annual resolution on war debts was moved by the Hon. Alexan der Shaw (Director of the Bunk of England, and of the P. and O. Shipping Coy., also of the British, India Steam Navigation Coy., of the United Kingdom Provident Institution and vicePresident of the Chamber of Shipping). The resolution was, one supporting Britain’s proposal to cancel the war debts and reparations, and urging that in the Ottawa Imperial Economic Conference discussions, the delegations should keep in mind that the exchange of goods was the basis of international trade, and also the desirability of reducing and not increasing, trade barriers. Mr Shaw, who on January 10th last made a striking speech o n the subject at the inaugural launching of the new P. and O. liner “Strathaird,” made on thus occasion another outstanding speech. He emphasised the fact that this motion went to the root of the troubles which were now keeping two million tons of British shipping idle. He recalled that in her previous wars,. Britain gave free subsidies to her Con tinental friends, and that she had not sought repayment of those war subsidies, but the Great War had substituted for the subsidies loans that were repayable, on which loans to-day’s problems rested. Personally he know that each shell that his battery had filed had created a gold debt to America plus a German reparation debt, to France.

In his January speech, Mr Shaw said that it should never be forgotten that while America had remitted eighteen per cent, of Britain’« war debt liability, Britain, as a creditor, had forgiven li ,l r allies seventy per cent, of their war debts. Britain, in her old wars, had frequently granted subsidies to her allies, not as a loan, but free. In the Great War, where the American shells were fired by the American artillerymen, from American guns, the United States did not charge against allies either her soldiers’ pay or tb-e cost of the gun or of the shell; but where an American shell was fired by a British or a French soldier, it was created a gold debt du-e to the United States. The same extraordinary ride also held between all of the other allies. Never in history was lopsided commercialism so mis-applied. He tributed America’s part in saving the freedom of the world. He said that he could not, imagine that America would insist on course which would postpone for the “Greek Kalends” the recovery of Europe and indeed, of the whole world. He described the problem as “twofold collection transfers.” The Nations were confronted with the fact that the e was not -enough free gold in the world to meet the bill for the reparations and for tin* war debts, which could best, be paid in goods and services. The total value of the goods, spread over fifty years, wherewith to pay America, if she insisted, would amount to the equivalent of four thousand five hundred millions sterling. This continual drain of goods besides being unwanted was dislocating America’s ow a production, and it impoverished America’s foreign customers. ’ ’ TRADE LAST YEAR. GROWTH OF ADVERSE BALANCE. LONDON, February 17. In the House of Commons, Major Hore-Belisha stated the recent British trade balance figures as follows; Balance of trade for 1931—Imports £870,000,000; exports £459,000,000; adverse balance £411,000,000. Against, the excess of imports, the net national income from shipping was £80,000,000 for the year, and the income from overseas investments £165,000,000; while tho receipts from short loans and commissions were £30,000,000; and other receipts from overseas were £26,000,000. This left the net debit balance of trade at £110,000,000 for 1931. In 1930 there had been a credit balance of £28,000,000, and in 1929 a credit balance of £103,000,000. In addition to these there was last year an excess of gold exports of thirty-five millions. The reduction of ingome in overseas investments had been due to defaults in interest by South American Governments, and big reductions in dividends from railways, mines, rubber, oil and tea.