BRITAIN’S TRADE REVIVAL

Otago Daily Times, Issue 22064, 21 September 1933, Page 8

BRITAIN’S TRADE REVIVAL

It is an interesting and encouraging account of the trend of trade conditions in the United Kingdom which Mr, Masters, Minister for Industries and Commerce, has been able to base upon his personal observations during the period of his recent visit to England. Nor is the suggestion likely to be seriously offered that Mr Masters has read the signs too superficially or drawn a picture that is too favourable. As a matter of fact, since a good many weeks have elapsed since he set out on his return journey, the information upon which he has based his review is necessarily not the latest rendered available on the subject, but there have been many recent cabled messages strongly bearing out his conclusions, and presenting fresh evidence suggestive of their soundness. It is evident that the trade improvement of which Mr Masters was able ' to take cognisance has continued. The most recent testimony to this effect comes from various sources. The trade returns published a few days ago were hailed by the British press with considerable satisfaction, as showing a definite gain for the months of July and August, with increases of imports, principally in the form of raw materials, and in exports of manufactured goods. The increasing confidence of the British public is being manifested in a greater readiness to invest in industrial enterprises, and calculations based on Board of Trade data concerning industrial activity in the United Kingdom show some very appreciable advances, notably in the iron and steel trade. Altogether the volume of testimony to the effect that an industrial revival is now actually being experienced in Great Britain seems to bear out quite definitely the conclusion which was expx-essed in the Midland Bank’s Eeview a few weeks ago in the statement: “ At long last there is evidence of substantial and sustained improvement in business.” In his presidential address before the Association of British Chambers of Commerce last week Sir Alan Anderson was credited with taking a “ cautiously optimistic ” view of the trade outlook. The opinions which he expressed have been supported in the decline of unemployment and in improved overseas trade returns, and have been reflected in the cheerful tone of the Stock Exchange. Increased railway traffic returns, indicative of the transport of larger quantities of merchandise, improved shipping returns, increased activity in ship-building and in the big Sheffield steel works are typical of what are regarded as distinctly promising signs. An index to the reality of this reported industrial revival in the Old Country should, of course, be its effect on unemployment. In this direction the indications are in harmony with other statistical evidence. The shrinkage in the volume of unemployment as reflected in the registrations Has been sufficient during the past six months to suggest an increase of activity in a somewhat wide

range of industries. Moreover, the interesting information was conveyed in yesterday’s cable news that for three months the Unemployment Insurance Fund had shown for the first time in eleven years an average surplus of £200,000 a week. This is to be regarded as a distinctly encouraging announcement, as the surplus must be necessarily due to the fact that increased numbers of workers are paying into the Fund, while the demands made upon it have diminished. In the improvement in trade conditions in the United Kingdom and the confidence that it is evidently inspiring the dominions may find considerable encouragement, for economic recovery at the heart of the Empire cannot but operate to the benefit of all its members.