TRADE RECOVERY

Otago Daily Times, Issue 22628, 20 July 1935, Page 13

TRADE RECOVERY

MR RUNCIMAN’S REVIEW EFFECTS OF AGREEMENTS (British Official Wreless.) (United Press Association) (By Electric Telegraph—Copyright) RUGBY, July 18. In the House of Commons Mr Walter Runcinmn (President of the Board of Trade) made a survey of trade and industry, in which he reviewed the effects of recent trade agreements and prospects of further industrial recovery. He said that the British trade figures showed year after year and month after month continuous growth. There was still a long way to go to reach the figures of 1929, but he approached the coming

year in a spirit of restrained optimism. United Kingdom export* for the first half of this year reached £200,000,000, against £189,000,000 for the first six months of last year, and, taking the articles wholly or mainly manufactured, the increase was not only marked, but healthy. The first six months of this year showed exports in this class of £100,000,000, against £145,500,000 in the same period last year. Very substantial increases had been recorded in the exports of the machinery and vehicles group and iron and steel, and even—in spite of the severe depression in Lancashire —in cotton yarns and manufactures. Among maufactured goods the most important successes were recorded in the machinery classes, covering every kind of machine.

Turning to Home trade, Mr Runciman recalled that a year ago he expressed the fear that it was almost reaching saturation point. He was glad to say that he had been unduly depressed in making that statement, for the Home trade had gone on steadily expanding throughout the whole year. The value of retail sales last year was actually 3 per cent, higher than in 1933. This expansion had increased at the same rate during the current year, and sales in the first five months were very nearly 4J per cent, higher than in the corresponding period in 1934. Speaking of the effect of the tariff system on employment, Mr Runciman declared that the stimulus given by tariffs during the past three years accounted to a large extent for the prosperity of Britain’s internal trade, and a return in the same directions of her foreign markets as well. Tariffs not only provided employment at Home, but had also provided £20,000,000 for the Exchequer. The direct effect of the Ottawa agreements had come up to expectations, and the agreements had tended to stimulate Empire trade. Seventeen foreign trade agreements had been signed, and in 1934 British overseas trade had increased about 5 per cent. With British countries the rise had been about 12 per cent., and in the case of foreign countries with which agreements had been made the rise was 33 per cent. THE EXPORTS TO RUSSIA ' LONDON, July 18. Mr Runciman said that Russia far exceeded the undertaking giving Britain an increased quota of exports, and had chartered nearly twice the amount of shipping compared with last year. Sir Herbert Samuel complained that the Government failed to secure trade agreements and tariff reductions with the great nations. Colonel D. J. Colville (Secretary of Department of Overseas Trade), replying, said that in the first quarter of 1935 the British exports to countries with whom they had agreements increased by £4,498,000 —approximately 20 per cent., compared with the first quarter of 1933. Before the agreements trade with other foreigners had increased only 7i per cent. The detailed exports under the Ottawa Agreement had risen from £100,000,000 in 1932 to £126,800,000 in 1934, including Australian, £20,000,000 to £26,300,000, and New Zealand, £10,400,000 to £11,400,000. SCIENTIFIC MANAGEMENT PRINCE ADDRESSES CONGRESS (British Official Wireless.) RUGBY, July 18. (Received July 19, at 5.5 p.m.) The Prince of Wales, addressing the closing session of the sixth International Congress for Scientific Management, said there was abundant evidence that the discussions and the work or that and the five preceding congresses had borne valuable fruit in inspiring greater efficiency in industry. The congress, which has been meeting for several days, has discussed papers on a great variety of problems connected with organisation and management in industry, agriculture and distributive trades.