STEADY RECOVERY

Hawke's Bay Tribune, Volume XXIII, Issue 275, 3 November 1933, Page 7

STEADY RECOVERY

BRITAIN'S INFLUENCE FELT IN OTHER PARTS. BEHAVIOUR OF THE POUND. By Telegraph—Press Assn. —Copyright LONDON, November 2. The “Midland Bank Review,’’ in an article on "Business Recovery in the Sterling Group,’’ says: “It is now recognised by almost everyone that a sustained recovery in general economic conditions in this country has been taking place for some time. This Is a matter for much more than national satisfaction, since Great Britain exercised an almost unequalled influence upon the trend of economic affairs throughout the world. “Britain has become the centre of a vast urea 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, even allowing for the force of monetary and political disturbances arising from other parts of tho world.” The writer then surveys the course of economic conditions in the principal countries of tho sterling area, citing especially the recovery of Australia and New Zealand, and concludes by

saying: “Tho main point emerging from this survey is that since our departure from gold our recovery has been steady, has paid us already a handsome dividend, has enabled us to follow a monetary policy well calculated to induce a steady revival of business and consequently has facilitated recovery over a very large part of tho world. Its benefits must in the course of time extend to every quarter of the globe. ’ ’

FURTHER SIGNS OF RECOVERY. MORE SHIPPING MOVEMENT British Official Wireless Service. RUGBY, November 1. A further sign of the trade revival is afforded in the shipping movement at United Kingdom ports during September. The Board of Trade statistics show that the net tonnage of vessels arriving in the foreign trade during September with cargo showed au increase of 9.4 per cent, compared with the corresponding month of last year, while departures with cargo were of 3.6 per cent, greater tonnage. In the third quarter of 1933 foreign trade shows an increase of 4.5 per cent, in cargo entrances, and about 3.0 per cent, in cargo clearances compared with the September quarter of 1932.