TRADE OF BRITAIN

New Zealand Herald, Volume LXXIII, Issue 22388, 7 April 1936, Page 11

TRADE OF BRITAIN

PROSPECT FOR DOMINIONS FOREIGN TREATIES EXPIRING LONDON. March 28 The outlook for the trade negotiations to be conducted" by Dr. Earle Page and Mr. R. G. Menzies with British Ministers is regarded as being increasingly hopeful. Even if the deadlock between Britain and Denmark is overcome, it is understood that any new agreement between Britain and Denmark will be considerably less favourable to Denmark, with corresponding benefit to Australia and New Zealand. The balance-sheet for all of Britain's foreign trade agreements has been made available. It shows that Britain's aggregate adverse balance in 1935 was £96,000,000, compared with £110,000,000 in 1932. This represents only a 12 per cent improvement since the foreign agreements were signed. These results are admittedly far below Britain's expectations and provide the Dominions with the strongest possible bargaining point. Italy is the only country with which Britain's agreements converted an adverse balance in 1932 to a favourable balance in 1935. The other agreements, with two exceptions, failed substantially to increase Britain's share of trade with the countries concerned. Britain has concluded 19 foreign commercial treaties since 1933. Under them her exports increased by £14,000,000, while her imports, though the agreements were designed to regulate the importation of foreign agricultural produce, were also higher. Britain's adverse balance with eight countries with which she signed treaties was higher in 1935 than in 1932. The treaties duo for renewal this year are those with Argentina, Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Poland, Sweden, Uruguay, Rumania and Iceland. Britain's policy in the matter will be influenced by the Ottawa agreements. British agriculturists oppose a renewal of the treaties on the present terms because they have not improved Britain's agriculture. Britain's adverse balance of trade with the Dominions in 1935 was £65,421,475, compared with £73,259,834 in 1932.