BRITAIN’S LOST TRADE.

Otago Daily Times, Issue 19200, 17 June 1924, Page 8

BRITAIN’S LOST TRADE.

A SLOW RECOVERY NATION’S GIGANTIC TASK. HER POSITION UNIQUE. (From Our Own Correspondent.) WELLINGTON, June 16. “Over five years have passed since the signing ot (.he Armistice, and many people express surprise and disappointment that England has not recovered in a larger measure her pre-war position at Home and abroad,” said Mr J. H. Scott (president of the Now Zealand Association of British Manufacturers) in his address at the annua! meeting tc-dny. “Such a viewpoint is the outcome chiefly of a lack of knowledge regarding the gigantic task that England has faced since 1918. It must, not be overlooked that England’s efforts in this direction necessitated that because of her position mid standing among the world Powers and bccat.se of the world-wide influence of England’s finance and commerce, it was and is essential that she should take a very important part in assisting to settle some of the post-war problems of the nations which are competitors iiy trade and commerce. Consequently England’s position among the European nations has continued since 1918 most complex and extraordinary. It is a fairly general belief that the great world problems are largely in the hands of the English-speaking races,, and the fact remains that our Motherland has been, and is, facing problems that require sacrifice and courage, and is doing her share towards settling them in the interests of humanity. Pride takes the place of the spirit of criticism when the facts of England s position among the nations are clearly understood.

“Nationally the mental outlook of Europe is focussed upon the dark days now past. It. is, however, quite clear that despite international unrest, internal reconstruction is proceeding apace. Two countries are making no effort to repay their debt to England, and two countries have, raised protective barriers against English products. Most, of them have certain advantages in regard to their depreciated cuij rcncies when selling in competition with England’s manufactures. England’s National Debt on March 31 was £7,680,000,000, and her annual interest bil lis approximately £307,000,000. Yhilst piling up this tremendous national liability England has honoured every obligation undertaken in connection with her war efforts. The huge sum mentioned includes war loans which she is unable to collect. Without doubt her position is unique.” , The speaker quoted Sir Robert Hornes pronouncement in the House of Commons: “Germany stands to-day with her great industrial organisation reconstructed and conditions of efficiency with which we have nothing to compare. France is steadily equipping herself industrially. VVe are only meeting our expenditure by putting an almost unbearable strain upon the finances of the country. Franco to-day has no. only re-established her trade. Last year she hud a greater volume of trade than before the war, while we are still struggling along with 70 per cent, of our own prewar trade.” , , Those matters had a vital bearing upon the prices which New Zealand received for her primary products, declared Mr Rcott. The burden carried by Britain reduced the purchasing power of her population. They must marvel that. Britain still had a surplus of cash to lend to the dominions, and from the most sollish ot motives it behoved them to support her in their purchases. More than this, we should see to it that our trading basis with other nations and other dominions, and especially the European countries referred to, was loft on an equitable basis for Britain to compete in our markets. It was a recognised fact that no satisfactory or lasting trading basis could be found for individuals or nations unless the advantages wore mutual. There could bo no gainsaying the fact that the trading relationships of the dominions needed a springcleaning if we desired to see Britain procure in practice the preference which our tariffs wore framed to give in theory. Our tariffs did not at all points continue to meet the changes that had arisen in legard to inter-dominion and international trade. In New Zealand, for instance, depreciated currency duty was not now levied against France. Wo know at the same time that Fran-c had n tariff which effectively- shut out certain British productions bo far as New Zealand was concerned, France s dopredated currency quite nullified any profereace to England, when competin'* against French products, the fact that 29 per (, ®ht. of our total imports of motor lyres in had been French spoke for itself, and this was but one of many items.