FEDERATION OF INDUSTRIES

Otago Daily Times, Issue 21952, 13 May 1933, Page 3

FEDERATION OF INDUSTRIES

PRESIDENT’S ANNUAL ADDRESS PLEA FOR LEADERSHIP COMMONWEALTH IN INDUSTRY. (From Oub Own Correspondent.) LONDON, April 6. Sir George Bcharrcll, speaking at the annual meeting of the Federation of British Industries, on April 5, prefaced his remarks upon the general situation by referring to the work done by the federation during a year of stress and strain, of anxiety and uncertainty. He paid a tribute to the work performed by the Empire Committee under the inspiring chairmanship of Sir Hugo Hirst; by Lord Weir as the federation’s nominee as an industrial adviser to the Government; and by the committee formed at Ottawa under the chairmanship of Mr Woolcock. He referred to the Ottawa Conference as the earnest of greater achievements. “It may be,” he said, “ that the welding together of the British Commonwealth of Nations—and I emphasise the word Conimomvealth —is a task more for industry than politics.” The machinery which had been set up for constructing and administering a tariff system in this country followed very closely the recommendations which had been put forward by the federation two years previously. The work of the Import Duties Advisory Committee was being closely observed by the federation, but it was obvious that the fashioning of a completely scientific tariff structure must take a long time. NEARLY 3,000,000 UNEMPLOYED. “ We are passing,” he said, “ through something of a profound economic .evolution such as certain centuries in history have witnessed. No man can contemplate the mass of unemployment, approaching to* an aggregate of three million souls, without having his heart stirred within him by feelings of sorrow and anxiety. With trade depression, privation comes also to a large number of people with small incomes, who have had to accept heavy reductions in capital value, and in many cases almost a complete suspension of income. The irit of all classes has been marvellous, and has probably done more to rehabilitate the prestige of this country than even the of our great financial institutions. This attitude of all our citizens is in keeping with our traditions of the past, which caused a distinguished writer to comment that in English history the hopeless hour has always been the most hopeful. To maintain this attitude deserves and demands great leadership. The heart of our people is still strong and valiant, but the time has come, in my judgment, when the-Goveru-meat could give us fresh encouragement. TAXATION. , ' “We have borne,” he continued, “ a weight of taxation unequalled in the whole world. It is argued that when trade improves is the time to reduce taxation, but I suggest that to reduce taxation in order that trade may improve would be the wiser and moie fruitful statesmanship at this juncture. Such a gesture would do the country more good than anything I can think of, and would, produce a wave of confidence that might carry far and speedily towards recovery. We are justly proud of having paid our debts our Sinking Fund charges, but a wise hanker would not press a hard-working and honest client to pay off a debt in circumstances which cripple his power to continue business. Let the Government address itself with faith and courage to this matter, and take-a broader view when budgeting the nation’s finance. Courageous leadership in this direction will find a wonderful response which will surprise and delight the nation, and I believe that the Chancellor would enjoy a higher national income.” THE NEGOTIATION OF NEW TRADE TREATIES. Referring to the treaty negotiations which will be undertaken in the near future with many countries, Sir George stressed the need for courageous leadership. The Government, armed with the two weapons of tariffs and the knowledge that the market of this country is perhaps the most desired market in the world, are in a strong position. He hoped that they would realise their strength, and that in particular they would use the opportunity given by the negotiations to see that exchange is made more readily available. “It does not seem to me right,” he said, “that we should be unable to secure the necessary exchange for the payment of our goods when our purchases for which we pay largely exceed in value our sales to a particular, country.” THE GOLD STANDARD. Referring to the possibility of our being pressed to return to the gold standard at the World Economic Conference, Sir George said: “I hope that no attempt will be made to do so until it is abundantly clear that the time is ripe and that steps have been taken to ensure that the gold standard will be properly and faithfully worked in the future by all nations. We are a long way from that desideratum to-day.” THE NEED FOR LEADERSHIP. In conclusion, he reaffirmed his belief that the Federation of British Indus tries enjoyed a richer degree of confidence to-day than ever before. “My sure confidence,” he continued, “is that Great Britain will win through by the sheet character of its people. We have lost neither the initiative nor the skill which placed Great Britain in the forefront of industrial nations. Give us real leadership, with courage and imagination, and the future shall be greater than the past. For a policy of apathy and despair we have no use. We need to-day a policy full of faith and hope and encouragement, a policy boldly con ccived and pursued with determination ami persistence. Ours is a glorious country with a wonderful heritage, and it merits the best leadership we can give to it,”