TRADING AT A LOSS.

Taranaki Daily News, 14 July 1925, Page 7

TRADING AT A LOSS.

POSITION IN BRITAIN. CHARGES AGAINST GOVERNMENT. By Telegraph.—Press Assn. —Copyright. London, July 12. Mr. Lloyd George, in a speech at Wisbech, referred to the trade balance. Britain for the first time was trading at a loss and it was a new bleak record in the history of British trade. The Government's premature and precipitate restoration of the gold standard had had a disastrous effect on trade. It made sterling dearer and thereby increased the price of British goods. This ill-considered action was taken against the advice of traders. Mr. Churchill had put the sovereign on stilts in order to raise it. The House of Commons had carried a measure for the compensation of farmers to extend to them three-quar-ters of the cost of tuberculous cows condemned. It was estimated that 1000 were slaughtered monthly, costing the Treasury 4)67,500 per annum. BOARD OF TRADE RETURNS. INCREASE IN IMPORTS. . London, July 12. The Board of Trade returns for June shew that the value of imports into Britain increased £23,425,441; exports decreased 4)3,131,048, and re-exports increased £576,688. The principal increases were: In imports, meat £2,078,294, non-dutiable food £252,339, raw wool £1,405,073, raw rubber £1,178,858, silk manufactures £4,069,431, vehicles £2,166,261, textile manufactures £1,638,944, apparel £1,382,08b. Decreases in imports were: Raw cotton £1,258,585. In exports decreases were: Coal £1,959,524, iron and steel manufactures £1,030,892. AVOIDING McKENNA DUTIES. London, July 12. The Daily Chronicle states that June imports of motor-cars, matches,, clocks, cinema films and musical instruments were rushed in to avoid the re-imposi-tion of tne McKenna duties on July 1. The total equalled four ordinary months’ imports and these, together with silks similarly dumped to avoid Mr. Churchill’s new duty, caused a loss to the Exchequer estimated at £1,000.000, which will cause the disappearance of the estimated revenue surplus for the financial year.