TRADE SITUATION

Otago Daily Times, Issue 22327, 30 July 1934, Page 7

TRADE SITUATION

REVIEWED BY MR RUNCIMAN INCREASES IN EXPORTS (British Official Wireless.) RUGBY, July 27. (Received July 2!), at 5.5 p.m.) Reviewing the British trade situation in the House of Commons. Mr Walter Rmiciraan said that in the first six months of this year the exports totalled £190,000,000, which was an increase of £15.000,000 over the first six months of 1033. Among the notable increases in the exports trade was woollen worsted, which was f 3,000,00 better for the first six months of this year than for the corresponding period of 1933. The exports of machinery, iron and steel were each about £2,000,000. These were .not sensational figures, but. they showed a tendency in the right direction. No improvement occurred in the cotton trade, which remained one of the most unfortunate of the great industries. He, however, was hopeful (hat schemes now being discussed in Lancashire might produce better results. The unemployment figures in engineering decreased by about 80,000 and in the coal trade by about £20,500,000 compared with a year ago. There had been during the last 18 months a remarkable change in the country’s employment figures, f but a further big reduction could not be expected from expansion of the home market alone, which had done so well as nearly to reach saturation point. It was necessary to rely on world trade for further substantial improvement in employment figures.. World trade was, unfortunately, still paralysed and of many regions the best they could say was that the decline was being arrested. Britain's share in the restricted world trade was definitely on the increase. Mr Runciman said he had signed cmmercial agreements with 13 countries, and negotiations were proceeding with four others. In every . case the agreements showed an increase of British exports to the countries concerned. He expressed the opinion that world trade was too much at the mercy of sudden political disturbances for him to make any optimistic prophecy, but he thought the essential conditions for a trade revival were present if only general restoration of confidence abroad could be secured.