The Stratford Evening Post With which is Incorporated "THE EGMONT SETTLER" (Established 1890.) TUESDAY, SEPTEMBER 12, 1933 Britain’s Trade Vitality

Stratford Evening Post, Volume II, Issue 355, 12 September 1933, Page 4

The Stratford Evening Post With which is Incorporated "THE EGMONT SETTLER" (Established 1890.) TUESDAY, SEPTEMB E R 12, 1933 Britain’s Trade Vitality

THE Board of Trade returns for June apparently fail to support the evidence of improving trade contained in the latest employment statistics,’’ comments the Glasgow Herald in its issue of July 1 3, a copy of which has just reached us. In a very Interesting survey the Herald proceeds: “The value of exports last month was less than those of the preceding month and of June a year ago, while imports show a substantial reduction. The anomaly of declining unemployment and reduced overseas trade is, however, more apparent than real, and is explained to some extent by the fewer number of working days last month. When allowance is made for this and for the customary seasonal fluctuations, the export business done with foreign countries contrasts favourably with recent experiences, although it cannot be claimed that the expansion is particularly marked. The true significance of the returns is the indication they give that, despite the many adverse factor:: at. present handicapping trade development, we are more than holding our own in foreign markets. How far the new monetary policy of America played a part in restricting British exports last month it is impossible to say, but there can be little doubt that it has been a limiting influence. When America went off the gold standard and entered upon a deliberate policy of currency depreciation the effect abroad was to curtail normal buying in the expectation that cheap American goods would subsequently be available. It is probably the case that the depreciated dollar has not yet been effective in stimulating the export business of the United Stales, but the knowledge that it may do so has had its psychological effect on foreign buyers, who naturally have restricted their purchases pending developments. i in face of this potential competition it is gratifying that our j export, trade has been so well mamained. While the results as p. whole are satisfactory, detailed examination of the returns 1 reveal some disquieting circumstances. The shipments of cotton ! manufactures, for example, were considerably reduced, the fall- 1 ing-off being particularly marked in the case of India and China. | This immediately suggests renewed Japanese competition, and : in the interests not only of Lancashire but of the many other i districts which, cither directly or in anancillary capacity, are de- { pendent on the cotton industry, it is to be hoped that the efforts now being made to find some solution to the problem of East- ! ern and Western production coats will be redoubled. Where | industries associated more closely with our own area are con- J cevncd there is also much room for improvement. Goal ex- | ports last month, compared with those of Juno a year ago, fell ; off to the extent of fully 300,000 lons in quantity and about £300,000 in value. The value of machinery sold abroad also declined sharply, India and China again being the disappointing customers. Some compensation for these defections is found in the further improvement recorded in the sale of motor cars.” t