BRITAIN PROSPERING.

New Zealand Herald, Volume LXV, Issue 19856, 28 January 1928, Page 11

BRITAIN PROSPERING.

[REMARKABLE FIGURES. RECOVERY OF TRADE. CREDIT BALANCE SHOWN. STATEMENTS BY MINISTERS OPTIMISM 'OF BANKERS. Ey Telegraph—Press Association—Copyright, (Received January 27, 6.5 p.m.) A. and N.Z.-Sun. LONDON. Jan. 26. The Financial Secretary to the Treasury, Mr. A. M. Samuel, in a speech at Woking, said:—"Whereas in 1926 there was an adverse overseas trade balance of £12,000,000, I calculate that in 1927 there will have been a credit balance of £73,000,000." Mr. Samuel said the British trade barometer was steadily rising. The activity in the home markets was greatex than ever before, and the export industries were successfully meeting foreign competition. There were probably more people employed in Britain to-day than ever before in tha history of this nation. The Board of Trade's official estimate of Britain's net trade balance in 1927 Iras given by the President of the Board of Trade, Sir Philip Cunliffe Lister, in a upeech at Hendon. He said that whereas the adverse net balance in 1926 was estimated! at the beginning of 1927 at £12,000.000, it was actually only £7,000,000. He then gave the estimated iSgures for 1927, pointing out that the Board of Trade's estimates of the socalled "invisible exports" ?iad always been conservative, ;ind had usually proved ito be on the right side. The excess of imports over exports showed a debit balance of £392,000,000, but the invisible exports were £488,000,000. These included shipping earnings of £140.000,000, and oversea investments of £270,000,000. Thus, allowing fcr the invisible exports, the figures showed a credit balance of ££'6,000,000. RECOVERY FROM SLUMP. COUNTRY SPENDING MORE. HIGHER LIVING STANDARD. (British Official Wireless.) A. and 2%:5. • RUGBY. Jan. 26. The chairmen of two of the London banks spoke to-day in optimistic terms of British trade prospects. Mr. R. H. Tennant, presiding at the Annual meeting of the Westminster Bank, paid; "In the view of those best qualified to judge, the total volume of the country's economic activity is greater to-day than in any year since the post-war slump, and it is probably greater also than in the active pre-war year, 1913." The recovery from the setback of 1926 had been sufficiently qaick and sustained to hear testimony to the economic stamina of the country. Mr. Tennant continued: "There is a consensus of opinion among economists that as a nation we are spending more than we did before the Great War. The masses of the people are better clothed and better fed. The inotor-car a few years back was the luxury of the rich, while to-day garage accommodation is one of the first pre-occupation3 of architects of even humble houses." In so far as this freer spending represented the higher standard of living, better health, increased efficiency and happiness, it was entirely welcome. Moreover, in a period of rapid change such as the country had been passing through, a number of goods passed out of the category of undoubted luxuries into, or very nearly into, the class of commodities regarded as necessities. The two factors which facilitated this change were scientific invention and mass production. The former had brought silkwear within the reach of almost every purse, while by the latter method the motor-car had become' cheaper and cheaper, and therefore progressively available to wider and wider sections of the population. Mr. Tennant added'that the artificial silk industry, in spite of the great extensions of mills and machinery, still found that the> demand ran far ahead of the supply. Sir Harry Goscheri, presiding at the annual meeting of the National Provincial Bank, said: "We see theatres, cinemas and other places of amusement crowded, with evorv evidence of prosperity, and retail establishments have never appeared to be more attractive, nor better supported by their customers. "Indeed, it may be justly claimed that the general standard of living seems to be higher, and this implies increased expenditure. Consequently we may assume an increase in earnings. "During tho year £317,000.000 of fresh capital has been subscribed by the public for industrial and other purposes, of which £55,000,000 has been on account of loans to foreign countries, which is some indication of the country's savings. "There is, I believe, evidence that the tide has at last turned and is moving slowly toward better times."