TRADE PROSPERITY

Manawatu Standard, Volume LVIII, Issue 73, 23 February 1938, Page 9

TRADE PROSPERITY

BRITAIN’S STRONG PART. HUGE INCREASE IN IMPORTS'. IMPORTANCE OF TALKS. (United Press Association—-By Electric Telegraph—Copyright.) (British Official Wireless.) Received February 23, 10.15 a.m.. RUGBY, Feb. 22. Owing to pressure of other duties the Prime Minister was unable to speak at the Government dinner to mark the opening of the British Industries Fair. Lord Derby, who took his place, spoke from Mr Chamberlain’s notes. “In the early days of our industrial development,” he said, “the Government played but a minor part in its activities, but, in more recent times, we have had to realise that industry left to itself, however efficiently organised and carried on, cannot create or maintain the conditions necessary for its successful operation. Only Governments can deal with other Governments, and to an increasing extent the actions of the Governments to-day regulate the direction and volume of trade.

CONFIDENCE PARAMOUNT; “I cannot too often emphasise the fact that confidence is the mainspring of progress and prosperity everywhere and, conversely, that uncertainty and fear for the future produce recessions and slumps as inevitably as night follows day.

“For the Government of this great trading country it must always be of prime importance to promote peace, not lor ourselves alone, but for all with whom we trade,” added the speaker. FISCAL POLICY.

Referring to the 1931 change in fiscal policy, Lord Derby said: “It cannot bo charged against Britain that she throttled foreign trade. Last year the value of our imports was £IBO,000,000 more than the year Ufore and it amounted to over £1,000,000,000. Of that huge sum £620,000,000 came from foreign countries whose prosperity and employment were thus fostered by the improvement in our own industrial conditions. “We are looking forward hopefully to the outcome of the negotiations for an Anglo-American trade treaty in the belief that if it is successful it may not only benefit our two countries, but it may serve to stimulate a further expansion of the international exchange of goods.”