BRITAIN'S TRADE

New Zealand Herald, Volume LXXII, Issue 22166, 20 July 1935, Page 13

BRITAIN'S TRADE

OFFICIAL SURVEY EXPANSION OF EXPORTS INDUSTRIAL RECOVERY By Telegraph—Press Association—Copyright British Wireless RUGBY. July IS Tn the Houso of Commons to-day Mr. Walter Runciman, President of the Board of Trade, made a survey of trade and industry in which he reviewed the effects of recent trade agreements and the prospects of further industrial recovery.

The Minister said the British trade figures showed year after year, and month after month, a continuous growth.

There was still a lone way to so to reach the figures of 1929. hut he approached the coming year in a spirit of restrained optimism. Turning to the home trade, Mr. Bunciman recalled that a year ago he had expressed the fear that it was almost reaching saturation point. Ho was glad to say ho had heen unduly depressed in making that statement, for the home trade had gone on steadily expanding throughout the entire year. Six Months' Exports Higher

The value of the United Kingdom's exports for the first half of this year totalled £206,000,000, in round figures, against £189,000.000 for the first six months of last year, and taking articles wholly or mainly manufactured the increase was not only marked but was healthy. The first six months of this year showed exports in this class valued at £150,000,000, against £145,500,000 in the same period of last year.

Very substantial increases had been recorded in the exports of machinery, vehicles, iron and steel and even, in spite of severe depression in Lancashire, in cotton yarns and manufactures. Among the manufactured goods the most important successes were recorded in the machinery classes covering every kind of machine. The value of retail sales last year was actually 3 per cent higher than in 1933. This expansion had increased at the same rate during the current year and sales in the first five months were very nearly 4£ per cent higher than for the corresponding period of 1934. Benefits Derived from Tarifls Speaking of the effect of the tariff system on employment, Mr. Runciman said the stimulus given by tariffs during the past three years accounted to a large extent for the prosperity of Britain's internal trade, and the rettirn in the same direction of her foreign markets as well.

Tariffs not only had provided employment >at homo but had also provided £20,000,000 for the Exchequer. The direct effect of the Ottawa agreements had come up to expectations and the agreements had tended to stimulate Empire trade. Seventeen foreign trade agreements had been signed and in 1934 British overseas trade increased about 5 per cent. With British countries the rise had been about 12 per cent and in the case of foreign countries with which agreements were made the rise was 33 per cent. Mr. Runciman said that Russia had far exceeded her undertaking, giving Britain an increased quota, and for exports had chartered nearly twice the amount of shipping compared with last year. Overseas Trade Increases

Sir Herbert Samuel complained that the Government had failed to secure trade agreements and tariff reductions with the great nations. Mr. D. J. Colville; Parliamentary Secretary to the Overseas Trade Department, said that in the first quarter of 1935 Britain's exports to countries with which she had agreements had increased £4,498,000, or approximately 20 per cent, compared with the first quarter of 1933, before the agreements. Trado with other foreigners had increased only 7J per cent. Mr. Colville also detailed exports under the Ottawa pacts, which he said had risen from £100,000,000 in 1932 to £126,800,000 in 1934, including Australia from £20,000,000 to £26,300,000 and New Zealand from £10,400,000 to £11,400,000.