BETTER TIMES

New Zealand Herald, Volume LXXI, Issue 21876, 11 August 1934, Page 14

BETTER TIMES

7 INDICATIONS IN INDIA

INCREASE OF TRADE OUTLOOK NOW " BRIGHTER 1 ' Ji-.. The steady trend in world economic recovery which has been manifest for isome time in various countries of the. British Empire has made itself felt also in India. In the past few months the Indian newspaper press has contained several references to the approach of better times, together with expressions of confidence in the future. Satisfaction at the continued improvement of trade was voiced recently bv Mr. Stanley Walker, retiring Master of the Bombay Presidency Trades Association, Limited. He said he did not intend to suggest that merchants and traders were overwhelmed with business, but they were emerging from "that terrible pit of depression" into which they all had been sunk for a considerable time. The . general trade outlook was much brighter, said Mr., Walker, and the association could but hope that this improvement would very shortly find an increased A very important. ground for . that expectation was the withdrawal by the Government of the Bombay cotton cess, or tax. This unfortunately entailed a very severe sacrifice on the part of the. Government, but, together with the reduction in 'landing and transit charges, would quickly have the effect of restoring. to Bombay this very important business and would largely help in the restoration of the city's prosperity. "Another sign of India's return to prosperity," said Sir. Walker, "is the almost daily result shown of the increasing effect of the Ottawa preferences, coupled, of course, in some cases, with an exchange advantage. Statistics Bhow that in consequence of materially increased shipments of raw cotton, oil seeds, hides and skins, etc., an adverse balance in merchandise of 8J crores of rupees (about £6,3/5,000 sterling) in the first six months of last year, has be-jn changed to a, favourable balance of trade in' merchandise of more than 17 crores of rupees (£12,750,000 sterling). In 1 addition, the exports of gold amounted to over 27 J crores (£20,625,000 sterling), resulting in a total visible balance in favour of India of well over 45 crores (£33,750,000 sterling). An Optimistic Note

"I know these details seem very far removed from our respective businesses, but it "must be realised that the repercussions caused by the improvement in these matters must be felt by each one of us, if we are wise enough to see and appreciate the source of the improvement in our respective businesses. Mr. Walker said further ground for an increased volume of trade- for Bombay City in the not far distant future wsis the serious consideration now extant, in favour of village uplift. The possibility of increased wealth lying dornmnti-in. villages in the Presidency could be turned into a reality if only the inherited ignorance of the villagers and thousands of small landowners could be dispelled and energy, hope and knowledge instilled in its place. In an editorial article entitled, "An Optimistic Note," the Times of India stated recently:—"At considerable cost to the taxpayer the Central budget has been balanced; India's, credit is steadily improving; and India responds niore quickly than almost any other country to /world-wide economic improvement Government of

India income has fallen heavily owing to the slump, but even if we never see again the price and trade figures of 1929, there is still scope for considerable improvement in Central finances as a result of substantial trade betterment —surely not 'a fantastic hope." Advocate of Caution A note of caution was sounded by the Hon. Lala Ram Saran Das, chairman of the /Northern India Chamber of Commerce, when discussing developments in the Punjab. He said: "The past year has been somewhat less /gloomy in the realms of commerce, industry and trade than its predecessors, and it would appear that the very serious, depression of the past few years has passed its peak intensity. One of the grjeatest dangers we have to facer'mow is unbounded optimism which, if allowed full play, would retard our progress toward economic. Well-being." Confidence in the outlook was . exalso by Mr. J. S. Henderson, Resident of the Bengal Chamber of (p)nimerce. He said he thought it would % agreed that the economic situation was brighter ahd more hopeful than it I|M been for seveiral years past. It tfould, howeveir, b«i a bold man who prepared 'to 'say the bottom of the financial depression had been reached 3§p that they were now on the high iljad to prosperity,' but he thought it be said that the. stage had been savior a welcome recovery. Signs certainly were npt wanting of a return to better ti riies.