TRADE OF BRITAIN

New Zealand Herald, Volume LXXV, Issue 22971, 24 February 1938, Page 13

TRADE OF BRITAIN

FURTHER IMPROVEMENT HELP BY GOVERNMENT HOPES FOR AMERICAN PACT By Telegraph—Press Association—Copyright ETitish Wireless LONDON, Feb. 22 The development of Britain's trade in the past few years was referred to by Lord Derby in speaking at the opening of the British Industries Fair. Lord Derby spoke from the notes that had been prepared for the Prime Minister, Mr. Chamberlain, who was unable to be present. "In the early days of our industrial development," said Lord Derby, "the Government played but a minor part in its activities, but in more recent times we have had to realise that industry left to itself, however efficiently organised and carried on, cannot create or maintain the conditions necessary for its successful operation. "Only Governments can deal with other Governments, and to an increasing extent the actions of the Governments to-day regulate the direction and volume of trade. "I cannot too often emphasise the fact that confidence is the mainspring of progress and prosperity everywhere, and, conversely, that uncertainty and fear for the future produce recessions and slumps as inevitably as night follows day. For the Government of this great trading country it must always be of prime importance to promote peace, not for ourselves alone, but for all with whom we trade."

Referring to the 1931 change in fiscal policj% Lord Derby said: "It cannot bo charged against Britain that she throttled foreign trade. Last year the value of our imports was £180,000,000 more than the year before, and amounted to over £1,000,000,000. Of that huge sum £620,000,000 came from foreign countries, whose prosperity and employment were thus fostered by the improvement in our own industrial conditions. "We are looking forward hopefully to the outcome of the negotiations for a British-American trade treaty, in the belief that, if successful, it may not only benefit our two countries, but may 6erve to stimulate a further expansion of the international exchange of goods."