FINANCIAL OUTLOOK

Otago Daily Times, Issue 21772, 11 October 1932, Page 9

FINANCIAL OUTLOOK

IMPROVEMENT IN BRITAIN NO ANXIETY ABOUT CURRENCY (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, October 8. Mr Stanley Baldwin, speaking at the Conservative conference, said: “ Although the conditions are not without cause for anxiety, the general financial position has improved beyond all belief. We enjoy once more cheap money. We have effected a wonderful conversion, and we no longer suffer from any anxiety about our currency. • “ The industrial position is less satisfactory, but there are signs of hope. There are very few groups in the large industries to-day that are yet in a better position, but there is a more hopeful tone generally. Of the large industries in which there is a more hopeful tone, we may take the great textile industries of cotton, wool, and silk. In the first eight months of this yean the increase in the importation of raw cotton —which is a most reliable barometer of the cotton trade—over last year has been 24 per cent. In the woollen tr a de the goods dealt with by Bradford conditioning houses have increased in the same period by 18 per cent., and the importation of raw silk by 40 per cent. In the cotton trade there has also been an increase in the export of cotton piece goods by 30 per cent., and in the Chinese market the export from Britain has more than doubled in that period. In the Indian market it increased by 36 per cent. The continuing tendency of foreign firms to set up factories in Britain shows confidence in our future and recognition of our competitive position.”