THE TURNING TIDE

Otago Daily Times, Issue 20318, 28 January 1928, Page 11

THE TURNING TIDE

PROSPERITY IN BRITAIN. A CHEERFUL OUTLOOK. ECONOMIC ACTIVITY INCREASING. (British Official Wireless.) (Press Association-By I'clegiaph—Ocpyrigiit ) RUGBY, January 26. The chairman of two of the big London banks spoke to-day in optimistic terms of British trade prospects. Mr Tennant, presiding at the annual meeting of the Westminster Bank, said: “In the view of those best qualified to judge, the total volume of the country’s economic activity is greater to-day than in any year since the post-war slump, and it is probably greater also than in the active pre-war year, 1013.’ The recovery from the setback of 10-o had been sufficiently quick and sustained to bear testimony to the economic stamina of the country. Mr Tennantsaid that there was a consensus of opinion among economists that as a nation Britain was spending more than she did before the Great War. The masses of the people were better clothed and better fed The motor car a few years back was a luxury of the rich, while to-day "arage accommodation was one of the first occupations of architects of even bumble houses. In so far ns this freer spending represented a higher standard of living, better health, increased efficiency and happiness, it was entirely welcome Moreover, in the period of rapid change, such as this country bad been passing through, a number of goods had .cl out of the category of undoulued luxuries into or very nearly into the class of commoditior regarded as necessities. Two factors which facilitated this change were scientific invention and massed production. The former had brought silk wear within the reach of almost every purse, while by the latter method the motor car had become cheaper _ and cheaper, and therefore progressively available to wider and wider sections of added that the artificial silk industry, despite the great extensions of mills and machinery, still found that the demand ran far ahead of the supplySir Harry Goschen, presid Jg at tne dal Bank, said: “We see theatres, ffinemas, and other of amusement crowded with every evidence of pros perity, and retail establishments never appeared to be more attractive nor bette .supported by their customers. Indeed, it mS be justly claimed that the general standard of living seems to oe higher, a d implies increased expenditure, consequent we may assume, on increased carmngs. During the vear £317,000,000 of frwb capital has been subscribed by the public for industriad and other purposes, of which £55,000,000 has been on account of loans to foreign whichi i some indication of the country s saving There is, I believe, evidence that the Me towards bettor times. —A. and ss./j. Cable.

TRADE BAROMETER RISING. LONDON, January 26. “Whereas in 1926 there vas an adverse overseas trade balance of £l2 000,000, I calculate that in there will be a credit balance of £73 000,000,” said Mr Arthur Samue (Financial Secretary to the Treasury) in a speech at Woking. He emphasised that the British trade barometer was steadily rising. Activity in the home market was greater than ever before and the export industries -ere successfully meeting foreign competition. were probably more people employed in Britain to-day than ever before ln * c history of the nation.—A. and N.Z. Cable. '