TRADE DEPRESSED.

Hawera Star, Volume XLV, 8 July 1925, Page 7

TRADE DEPRESSED.

INDUSTRY IN BRITAIN. SETBACK ONLY TEMPORARY. BY GABLE—PRESS ASSOCIATION—COPYRIGHT LONDON, July G. An interesting summary of the condition of British trade was given by Sir Philip Cunliffe-Lister (President of the Board of Trade) in introducing the Board of Trade Estimates in the House of Commons. • He stated that during the first six months of 1925 the coal and pig-iron outputs respectively were 92 per cent and 67 per cent of the 1923 figures, and the former was steadily falling. Coal exports diminished by 25 per cent, while steel production was unchanged, but there was a lower proportion. The shipbuilding and engineering businesses were narrowing. The only exceptions to the general depression in that connection were motors, which were booming, cycles and the electrical industry, which were comparatively prosperous. Orders for textiles were dwindling. There had been a serious setback to wool, and he emphasised the importance that nobody concerned in the woollen, trade should hold up stock. The linen trade was had. Rubber was a comparatively bright spot, and Hie chemical industry was progressing. Shipping freights were the lowest on record, being about 104 compared with 1.00 liefore the war.

As long as we were doing a world trade we could not be disinterested in the political and economic conditions in other countries. He emphasised the necessity for developing the trade of the Dominions and the colonies on commercial and political grounds. The world production of iron and steel largely exceeded the world’s present absorption, and every effort should he made to reach an international agreement.

Replying to Mr Lloyd George '’Leader of the Liberal Party), Sir P. Gunliffe-Listev said that we had suffered no kind of injury by reverting to the gold standard. He was of the opinion that the present depression in trade was only temporary. He believed we would get* the trade position right if a voluntary effort were made to buy British goods. vSir Alfred Mond (Liberal) thought the Government could partly compensate the serious loss of trade in China bv a large, hold scheme of development of the Crown Colonies. He was of opinion that it would be a good investment in that connection to spend £50,000.000 on developing transportation railways, in the carrying out of which the industries mostly needing assistance would lie helped. A notable feature of the debate was a speech by Captain H. Guest (Liberal), who advocated the wide development of Imperial preference as the only remedy for trade depression. He quoted the food imports from the Dominions and from foreign countries. He declared that it was obvious that the Dominions could easily produce the £140.000.000 worth of food which Britain is now buying from foreigners. One of the main free trade arguments had disappeared since the cost o:f living had risen to the American level. The cost was now slightly higher than in France. Italy and Spain, and lower than in Germany, Russia and the Balkan States.

Captain Guest concluded l : “We should create f'roe. trade of the Empire with high tariff walls against the World. The main obstacle to emigration would thereby he removed.’’