PRESENT DAY BRITAIN

Otago Daily Times, Issue 23352, 18 November 1937, Page 12

PRESENT DAY BRITAIN

ENORMOUS TRADE REVIVAL ACTIVITY IN INVESTMENT MARKET ENGLISH INDUSTRIALIST’S VIEWS (Per United Press Association) AUCKLAND, Nov. 17. The enormous revival in the shipbuilding activity, the continued confident tone on the long-term investment market and the peak production in the steel industry with further expansion restricted only by the shortage of labour: these are the characteristics of present-day Britain, according to Sir Holberry Mensforth. an eminent English industrialist who arrived in Auckland by the Rahgitata. Sir Holberry, who is prominently associated with leading shipbuilding, steel, electrical, engineering and colliery companies, said that from the economic and industrial viewpoints the period of prosperity was likely to continue for some time.

“ There has been an enormous revival in shipbuilding,” Sir Holberry stated. Prosperity ruled in Britain. A shortage of the right type of labour was apparent throughout the industry, and from his association with the collieries in South Wales and Yorkshire he knew they could dispose of more coal than could be produced by the amount of labour that was available.

Sir Holberry said that the uneasiness which was reported to have been evident in Wall street was bound to have some repercussions in Britain, but English financiers would realise that any related disturbance of confidence was the case of effect rather than cause. Leading British authorities had said there was no indication of any rapid fall in demand in Britain, and the steel industry, which provided one of the best criterions, was working to capacity. “When I left Home the stock markets possessed a confident tone, although some fluctuations are only to be expected,” he continued. “The strong demand for steel indicates the amount of capital expenditure, and in addition to showing the extent of British rearmament it also gives evidence of the fact that longterm investments are not illfavoured. Certainly it is doubtful if there is an able-bodied man in Sheffield seeking employment who is out of a job at the present time.”

There was a general idea abroad several years ago that Britain was decadent. He would say she occupied a sounder position to-day than at any previous stage in her history. ■ Sir Holberry and Lady Mensforth are in the course of an Empire tour. They will remain in New Zealand for ‘about 12 days before travelling to Australia,