The Northern Advocate Daily. TUESDAY, MARCH 30, 1937. BRITAIN’S WONDERFUL YEAR

Northern Advocate, 30 March 1937, Page 4

The Northern Advocate Daily.

TUESDAY, MARCH 30, 1937. BRITAIN’S WONDERFUL YEAR

Registered tor transmission through tbe post as a Newspaper.

It lias been said times without number that. the. economic state bf New Zealand depends upon the fponomie state of Britain. Prosperity in the Homeland means prosperity in this Dominion, and vice versa. It is, therefore, very encouraging to read the opening sentence of an editorial in the annual Financial and Commercial Eeview, published as a supplement to “The Times.” The sentence rims: “No review published in recent years of the financial and economic happenings in this country, paints quite such a bright picture of prosperity as that which we present to our readers today.” The paper then goes on to say that the year 1936 witnessed a marked quickening of the pulse of economic activity. In no important sphere r of business did progress fail to take place, and though, owing to well-known causes, it was smallest in the international field, in the domestic it was often substantial. Analysis of various phases of trade and industry bears out this statement. It interesting to hear that though the number of insured unemployed was still large, the total being 1,628,719, there are more people in employment in Britain today than ever before- Business activity, as a whole, at the close -of last year, was about 8 per cent, greater than in. 1935, the previous .best year. Production generally showed steady increase. Steel production easily passed the 1935 record, the total mounting from 9,858,700 tons to 11,60.0,000 tons, or more than 20 per cent, above the 1929 level. This production of steel was largely absorbed in domestic industry, as exports of iron and steel dropped to half the 1929 figures. Shipbuilding, which 1 had been in the doldrums for a long time, had a better year, orders having reached a greater total than for some years past. The motor ear industry broke all previous records in sales at home and abroad. This industry is now the third largest manufacturing industry in Britain. The aircraft industry, as a result of the Government’s rearmament policy, expanded very rapidly. Building, too, showed great activity, particularly in regard to the erection of factories and simi-. lar structures. All the textile industries showed marked progress. This was particularly the case in regard to the rayon industry, which established new records. Lancashire cotton, also, had a much happier time, than it had experienced since the Great War, and the woollen and worsted industries also made further progress. The coal industry, long depressed, made a notewor-! thy recovery, and the use ofj electricity showed further ex-, pension, consumption amountingj to units, an ad-1 vanco of 10,1% over,the previous! year. So far as reta-'l business in i Britain is concerned, sales last' year were over 6 pel cent, better

j than in 1935. While the volume of buying showed a. substantial advance, the savings of the people also increased, revealing an improved economic condition on the 1 part of the nation. Savings of the small investor in building societies, in savings banks and other forms of thrift, have been stated at the huge figure of £3,000,000,000. Life assurance has also grown very largely. In the face of all that-we have quoted, it is not surprising that economic conditions in New Zealand are reflecting the prosperity that has come to Britain.