STEADY RECOVERY

Poverty Bay Herald, Volume LX, Issue 18236, 3 November 1933, Page 7

STEADY RECOVERY

CONDITIONS IN BRITAIN LARGER FOREIGN TRADE STRENGTH OF. STERLING (British Official Wireless.) Rec. 10 a.m. RUGBY, Nov. 2. A further sign of trade revival is afforded in the shipping movements at United Kingdom ports during September. The Board of Trade statistics show that the net tonnage of vessels arriving in foreign trade during September with cargo showed an increase of 9.4 per cent, compared with the corresponding month of last year, while departures with cargo were of 3.6 per cent, greater tonnage. In tlie third quarter of 1933, foreign trade shows an increase of 4.6 per cent, in cargo entrances, and about 3 per cent, in cargo clearances compared with the September quarter of 1932.

The Midland Bank Review, in an article on “Tlie Business Recovery, in the Sterling Group,” says: “It is now reognised by almost everyone that a sustained recovery in ■ the general economic conditions in this country lias been taking place for some time. This is a matter which is of more than national satisfaction, since Great Britain exercises an almost unequalled influence on tlie trend of economic affairs throughout the world. Britain lias become tho centre of a vast area of trade, both national and international, in currencies, based oil the pound sterling, so that on physical measurements alone, the behaviour of tlie pound in relation to commodities is perhaps the strongest single factor in world conditions, even allowing for the force of monetary and political disturbances arising from other parts of tlie world.” The writer then surveys the course of economic conditions in tlie principal countries in the sterling area, citing especially the recovery of Australia and New’ Zealand, and concludes by sayng: “The main point emerging from tho survey is that since our departure from the gold standard, our recovery has been steady. The departure has paid us already a handsome dividend and has enabled us to follow a monetary policy well calculated to induce the steady revival of business, and consequently has facilitated recovery over a large part of tlie world. Its benefits must in the course of time extend to every quarter of the globe.”