BRITAIN'S TRADE.

New Zealand Herald, Volume LIX, Issue 18089, 13 May 1922, Page 9

BRITAIN'S TRADE.

FACTORS TO BE WATCHED.

DEVELOPMENT OF EMPIRE.

MELTING HOSTILE TARIFFS.

COMPETITION" IN SHIPPING.

By Telegraph-*Presa Association-Copyright. (Received 5.5 p.m.) A. and N.Z. LONDON, May 11. Tho president of the Board of Trade, Mr. Stanley Baldwin, supporting the Board of Trade vote in the House of Commons, said that tho war had produced an increasing desire in many conntries to become self-contained industrially. This created increased tariffs. Some maritime countries were also attempting to discriminate against British shipping. Ho hoped Britain and the. Dominions would take counsel together before it was too late in order to present a united front against attempts to damage our shipping. If the restoration of Europe was delayed, Britain must make up for it by more intensive development of the Empire. UnfortunatoJy there were few immediate signs of rapidly increasing trade with the Dominions and India. The coal trade had reached its economic level, tho exports approximating those before the war. Iron and steel were experiencing difficult times. The woollen and hosiery' industries wero fairly busy. The leather and boot and shoe trades were feeling tho effects of increased tariffs, notably in South Africa's attempts to establish a protected industry. The most hopeful aspect was that the country's power of production had reached probably its highest point. Our percentage figure of exports of manufactured and partly manufactured goods had reached 65, compared with 100 in 1913, 110 in 1920, and 48 in 1921. Thus wo were slowly climbing out of the appal'ing pit into which we fell after the collapse of the post-war boom.

Mr. Baldwin forecasted that trade woidd continue to show a gradual improvement, as ho hoped and believed we had left European militarism behind and hoped a'so were leaving domestic and industrial militarism Behind.

Mr. Reginald MoKenha, speaking at Bradford, said there were no signs of a trade boom, but thoro was ground for optimism regarding the recovery of trade. Manufacturers were now requiring more money and their turnover was becoming more- rapid.

It could not bo exported that a healthy revival would come until Britain wa« in n position to make further substantial reductions in taxation. Tho incxrmio tax and supertax were preventing tho growth of tho capital, which was indispensable to progress in business.

Mr. McKenna approved of Mr. Baldwin's quiet confidence. During recent months considerable loans, made tJb tho Dominions, colonics, and foreign countries, were being expended in the purchase of British goods. The export figures consequently had swelled.