BETTER TIMES

New Zealand Herald, Volume LXX, Issue 21639, 3 November 1933, Page 9

BETTER TIMES

WORLD RECOVERY GREAT BRITAIN'S LEAD VAST TRADE CENTRE the sterling uitoi •' ECONOMIC OITI.OOK .. Te le««ph-rrf» Jncci.#- - 1 '"'!" 5111 T " ,R K .ivri >■>'■«»""" :r'v - 1 JjOXDON. Nov. 2 n, jiah-i n ™ k "'"t the trend of economic ntfa rs throughont. the world. .« Britain has become the centre of a ra«t' area of trade, both national and international, in currene.es l.as.d on , 1 etorlMi'' so that on p ' cat thn poniul stiri.n- . , »l.»c Iho lirli.'n liili; "f L pound i" I portal"- tl» «"*. editions, „ll,v.v,ns f« ,| IP force of the monol:i»y ami pnlitu-ul disttirbancfs «M« «"•" mlw l»«« of the world. The writer then surveys the course o peonomie conditions in the principal countries in the sterling area, lie ntes especially the recovery of Australia and »w Zealand and concludes by saying: '•'The main point emerging from a survey is that since our departure from the gold standard our recovery has be-on steady, has paid us already a handsome dividend and enabled us to follow a monetary policy well calculated to induce n steady revival of business. Consequently it has facilitated recovery over a very large part of the world and its benefits must, in course of time, extend to every quarter of the globe." Lord Melchett, speaking at a luncheon of the Cast-Iron Research Association. said Britain had not possessed such an opportunity for industrial progress and expansion since 1030 as she had now. "Our chief competitors," lie said, " are in nothing like such a relatively strong position as they were five rears ago. Britain now has a better chance than ever of outstripping her competitors in the world markets." The trade paper of the Federation of British Industries, in a forecast of the last quarter of 1933. says: " In spite of many unfavourable factors still operating in the international field, particularly the recent setback in the "United States, it is possible to view the future with optimism. The world may be said to have planted its feet bo firmly on the road to recovery that j it will take something more drastic j than transitory events like, the in- j stability of the French franc and the | American dollar to divert it from its j course. " Even if there is some modification of the gold standard and a further 1 appreciable flight from the dollar, there j is no reason why we should not be able j to retain control of the domestic situa- : tion. The same is true of many other , countries." j