BRITAIN'S OVERSEAS TRADE

New Zealand Herald, Volume LXXII, Issue 22166, 20 July 1935, Page 12

BRITAIN'S OVERSEAS TRADE

Reviewing Britain's trade and industry during the first half of the present year, Mr. Walter Runciman expressed himself cheerfully. He told of continued progress in many directions, testimony which will be heartily welcomed by all who realise the important place Britain's prosperity holds in relation to world recovery. In discussing export trade Mr. Runciman heavily emphasised the progress he could claim in exports to those foreign countries with which he had been instrumental in making trade agreements. This may be natural for him, since making pacts with foreign nations has been the keynote of his policy as President of the Board of Trade. His enthusiasm will not be echoed by the Empire. The Dominions do not welcome his policy, believing that in thus concentrating on foreign countries he is not doing the best for Britain, and at the same time threatening to cripple them. The percentage increases in exports to foreign nations may be all that he claims, but such ratios of increase might easily have been doubled for the Empire if he had devoted as much energy and enthusiasm to tending the interests of the Dominions as he has given to fostering trade with the other countries. The trade returns for the calendar year 1934 show that the percentage of Britain's imports from Empire sources remained stable at 37 per oent, while exports to British countries rose from 44.4 per cent in the previous year to 46.9 per cent. It is not an unreasonable inference that, had the Empire been able to expand the ratio of goods admitted into Britain, the purchases from her would have increased to an even greater extent. Russia is quoted as a country that has done more than expected, and chartered more ships to transport export goods. If Australia and New Zealand had had the opportunity, they would have bought more, and the merchandise would have all been carried in British ships regularly available for the trade. In the whole of 1934 Russia bought British goods valued at £3,657,000. New Zealand's purchases were worth £11,431,000, those of Australia £26,315,000, of South Africa £30,248,000 and of Canada £19,725,000. In face of these figures the Dominions had to send their Prime Ministers to London to safeguard the markets there. It does not sound like good business to have this contrasted with official enthusiasm for fostering, trade with foreign countries.