GREAT BRITAIN’S EXPORT TRADE.

Taranaki Daily News, 22 December 1932, Page 4

GREAT BRITAIN’S EXPORT TRADE.

From time to time statements that appear almost casual in their nature are made in the House of Commons which are most illuminating. When the discussion upon the recent war debt payment to the United States was proceeding it was a private member, Mr. Winston Churchill, who reminded the House that even allowing for her own war debts Great Britain was still the greatest creditor nation in the world. On Monday the discussion upon the Supplementary Estimates drew a statement from the Minister of Labour in regard to overseas trade which was at least not as depressing as might have been expected. Though exports had fallen by 6.9 per cent, in the last 11 months the decline, he said, was only onefifth of that experienced by the United States, Germany, France and Italy. That in itself was a tribute to the great efforts made in Great Britain, and when it is remembered that for nearly half the period the new fiscal policy of protection has been in force it seems to support the opinions of Tariff Reformers that protection of' the Home markets for British producers would not seriously affect the export trade upon which the country’s prosperity, so largely depends. On the other hand, the tariff has caused foreign organisations to establish factories in Great Britain, thus reducing the numbers of unemployed. The position in regard to trade in Great Britain is serious enough, but the statements made by Ministers indicate that it might have been considerably worse, ■and that it is better than in countries where, regarded superficially, conditions have seemed to be more favourable to retention of trade. Great Britain has relied upon individual enterprise and effort rather than upon State subsidies and other artificial stimulants to trade. It looks as though the old-fashioned methods are proving the more effective.