DEFINITE RECOVERY

Manawatu Standard, Volume LV, Issue 197, 19 July 1935, Page 9

DEFINITE RECOVERY

BRITAIN’S TRADE FIGURES. A CONTINUOUS GROWTH. AIR RUNCIMAN OPTEMISTIC. (United Press Association.—By Electric Telegraph.—Copyright.) (British Official Wireless.) Received July 19, 10.54 a.m. RUGBY, July IS. In the House of Commons, Air Walter Rumanian (President of the Board of Trade) made a survey of trade and industry in which he reviewed the effects of tho recent trado agreements on tho prospects of further industrial recovery. Air Runeiman said that the British trade figures showed year after year, and month after month, a continuous growth. There was still a long way to go to reach the figures of 1929, but lie approached the coining year in a spirit of restrained optimism. United Kingdom exports for the first half of this year had reached £206,000,000, as against £189,000,000 lor the first six months of last year, and, taking articles wholly or mainly manufactured, the increase was not only marked but healthy. The first six months of this year had shown exports in this class of £360,000,000, As against £145,500,000 in tho same period of last year. Very substantial increases Jiad been recorded in the exports of machinery and vehicles and the group of iron and steel, and even, in spite of the severe depression in Lancashire, in cotton yarns and manufactures. Among the manufactured goods the most important successes were recorded in machinery, the classes covering every kind of machine. Turning to tho home trade, Air Runeiman recalled that a year ago he had expressed fear that it was almost reaching saturation point. He was glad to say ho had been unduly depressed in making that statement, for the home trade had gone on steadily expanding throughout the whole year. The value of retail sales last year was actually 3 per cent higher than in 1933 and tills expansion had increased at the same rate during tho current year, and sales in the first five months were very nearly 4f per cent, higher than in the .corresponding period of 1934. STIMULUS TO TARIFFS.

Speaking of the effect of the tariff system on employment, Air Runeiman declared that the stimulus given by tariffs during the past three years had accounted to a large extent for tho prosperity of our internal trade and the return in some directions of our foreign markets as well. Tariffs had not only provided employment at Home, but had also provided £20,000,000 for the Exchequer direct. The effect of the Ottawa Agreements had come up to expectations and the agreements had tended to stimulate Empire trade. Seventeen foreign trade agreements had been signed, and in 1934 British overseas trade Had increased about 5 per cent. With British countries the rise had been about 12 per cent., and in the case of foreign countries with which agreements had been made the rise was 33 per cent.