PROSPERITY EVERYWHERE

Poverty Bay Herald, Volume LXIV, Issue 19237, 1 February 1937, Page 5

PROSPERITY EVERYWHERE

CONDITIONS IN ENGLAND A BANKER’S OPTIMISM ENCOURAGING OUTLOOK (British Official Wireless.) Ree. 10 a.m. RUGBY, Jan. 31. In his annual address to shareholders of Lloyd's Bank, Lord Wardington, the chairman, characterised the present outlook lor commerce and industry as encouraging. He said that wherever one looked, even in the depressed areas, prosperity was visible, and all signs, such as figures of employment, the reduced amount of unemployment, the increased values of commodities and of industrial shares, full order books, clearing house, railway, and retail sales returns, and reduced figures of bankruptcy and bad debts, all pointed in the same direction.

There was also the satisfactory feature that the fundamental basis of good international trade was present. The higher prices of primary commodities were fulfilling their function of restoring prosperity to countries of ; primary production, and putting them once more in the position of being able to place orders in industrial countries for secondary products which they needed.

Referring in a speech at Bridgwater to the revival of British industry and trade, Mr. Walter Elliot said that since 1931 the production of British agriculture had gone up nearly 20 per cent. This increased home production of foodstuffs had been accompanied by increased industrial production, more employment, higher wages, and an allround advance to prosperity. For a strong nation, adequate defence and adequate sustenance were both necessary. Adequate defence was being provided rapidly and efficiently in all three services. Orders had been placd which were limited only' by' the power of the nation to deliver the goods without trenching on industrial and agricultural efficiency. The Admiralty alone, up to the end of 1936, had placed contracts of over £36,000,000.