EXPANSION OF TRADE

Poverty Bay Herald, Volume LIX, Issue 17946, 25 November 1932, Page 7

EXPANSION OF TRADE

GREAT POSSIBILITIES ONLY CONFIDENCE NEEDED (Per Press Association.) WELLINGTON, last night. Sir Harold Beauchamp, who returned ironi London by the Rangitane, said he was of the same opinion to-day as when he left New Zealand that we cannot look for a real revival in world-wide trade until some definite arrangement can bo made for wiping out the heavy international indebtedness which is strangling trade in all parts of the world. Referring to the depreciation of sterling, he said it had been, of course, of service to British trade, and it was ununlikely that the authorities would allow sterling to be linked again to gold until the country’s financial position warranted such a step being taken. The low value of the £ in terms of gold resulted in large shipments of gold being made. British shipments from India alone amounted to £65.000.000. The extraordinary low rates ruling in the money market, as low as i per cent, for overnight and weekly fixtures) indicate that there is still a lack of confidence on the part of investors, many of whom prefer, to keep their resources in liquid form. “With a return of confidence I should not be surprised to ■ see a great oxpan - sion in business,” lie added. “Already a mild boom had occurred in the United: colossal sum of £3,200,000.000.”

States, when gilt-edged securities appreciated in value during July to the