BRITISH SPENDING

Otago Daily Times, Issue 26040, 2 January 1946, Page 2

BRITISH SPENDING

RECORD PROPORTIONS INDICATED CONSUMER' GOODS SHORT LONDON, Dec. 28. The latest bank return suggests that, in spite of scarcities, actual spending by the British public may have reached record proportions this vear, says the Australian Associated Press. London ltselt, during the past few months, has experienced an orgy of spending. Retail trade figures have shown abnormally heavy sales- of household goods, and this is attributed largely to the influx of provincial crowds ‘and demobilised soldiers eager to spend their war-time savings and post-war gratuiIn many lines of merchandise, notably men's wear. London retailers’ shelves are now at their barest for several years, and in view of the recent decline in small savings, commentators are stressing the urgent need for Increased production of goods in short supply. Many are wondering how the austerity to which the British people evidently have reconciled themselves will fit in with the drive for tourist traffic which the Travel Association is already launching with the aid of the American Chamber of Commerce. The need for foreign currencies is generally recognised. but the competition of visitors from abroad for goods in short supply will hardly be welcomed by the man in the street. Financial circles, nevertheless, are sceptical of the possibility of a 70 per rent, expansion in British exports. Tliov agree that much of the deficit may lie made good by the development of Britain as a tourist centre. Receiuts from tourists before the wa>- reached .fAO non ofif) in a good year. There is confident expectation that, this total can be raised to F 100.000,000 when shipping is available.