SANCTIONS POLICY

Manawatu Standard, Volume LVI, Issue 142, 18 May 1936, Page 5

SANCTIONS POLICY

BRITAIN BADLY HIT. MYSTERIOUS CREDITS FOR ITALY Sanctions ha.ve failed to hit Italy, l>ut have imposed a heavy drain on Britain’s trade. 1 his ironic circumstance is revealed by the official figures published at Geneva recently. The only effect of the “blockade” on Italy’s trade balance has been to partially paralyse her imports of gold and silver, though it is abundantly clear that she is still obtaining credits on a large scale.

On trade returns, Austrian exports to Italy have risen from about 800,000 dollars to 1,000,000 dollars, and Hungary’s from 069,000 to about 950,000 dollars. These two countries, it will be remembered, refused to agree to sanctions. Switzerland's imports have slightly diminished, while Yugoslavia’s have practically ceased to exist. British exports have sunk from 2.742,400 dollars to 225,800 dollars. Soviet Russia lias, strangely enough, increased her trade balance from 457,860 to 539,000 dollar's. The Committee of Experts at Geneva submitted a questionnaire to all Governments members of the Co-ordin-ation Committee, with, the object of obtaining statistics concerning the development of trade with Italy. Ihe figures published recently were based on the replies received up to April o. The summary table of meicliand so statistics is as follows: . , rrQ V-YLUIS IN OLD UNI I ED SIAILfe GOLD DOLLARS. (000's omitted.) 1934. 1935. 1936. November, 47 countries: Imports from Italy 20,872 25,2 J) Exports to Italy . ■ 23,578 29,817 December, 47 countries:— Q _ Imports from Italy 20,972 16,7u9 Exports to Italy ... 27,549 21,441 - January, 39 countries: q ens Imports from Italy - 17,600 9,.00 Exports to Italy ... —22.8.. U In January, the total value of imports from Italy to the United Kingdom was only 70,400 gokl Hollars, as ■ against 1.942,000 gold dollars m to'H nrv 1935. In France it was JoJ | gold dollars, against LOSS. <o° , dollars in January, 1930. In Gei inan>, in December, there was a considerable increase in the value of imports from Italy, but in January there was a do-, crease. In Austria the value was about ■ the same in the three months. [ The value of the exports to lta.y from Germany, however, greatly in-: creased in November, and still more in December. In January, the increase was only slight (in December it was about 50 per cent.). The value of the exports to Ttaly from Austria was about doubled in December and January, as compared with December, 1934, and January. 1935. In the United Kingdom the value of the exports to Italy m January was only 155,500 gold dollais, as against 2.894.700 gold dollars in 1935, and in France it was <34.IL' i gold dollars, as against 1,328,900 gold i dollars in January, 1935.