BRITISH TRADE RECOVERY

Taranaki Daily News, 19 December 1933, Page 7

BRITISH TRADE RECOVERY

MARKETS IN THE DOMINIONS

REPLACEMENT OF UNITED STATES

AMERICAN POLICY CRITICISED.

OPINIONS OF BRITISH VISITOR.

A visitor to New Plymouth during the week-end has been Mr. H. Voorzanger, a prominent member of the London Stock Exchange, who is on a world tour for health purposes. “I am convinced,” said Mr. Voorzanger, “that Britain did the right thing when she went off the gold standard. In fact she could with advantage have done so some time before she did. America was hoarding the gold and it was apparent to those who were intimate with the general situation that the crash must come in America. She put off the evil hour, but she-fell more heavily than did any other nation.” In Mr. Voorzanger’s opinion this policy of America’s in keeping up the exchange rate of the dollar will make her future export trade very difficult.. The rate of exchange made it hard for any country ■to do business with her, and they had to look elsewhere to place their business. England had not been idle and had secured her full share, especially in respect to the motor-car industry. “You can see in your own country the tremendous hold that British-made cars are getting,” he said. “This is not peculiar to New Zealand. Ten to twelve or even up to five years ago a big propor* tion of your cars were coming from the United States, but the exchange rate put America off the market, and I believe she will find it hard to-get that market

back. England is fully alive to the position now and means to keep the trade.” The more settled conditions in India had also, in the visitor’s opinion, done much to help Great-Britain. India had provided a splendid field for cars and tyres, which were being sold there in huge quantities. Britain was recovering, surely but slowly. Adversity had. taught her a lesson and one that she was profiting by. With her vast and highly productive colonies she had the best chance of all the nations to recover, and if the “Buy British” pplicy was pursued patriotically all would be on the high road to recovery. Though England had had a very trying and testing time she had never lost either her own self.-respect or the respect of the' world, said Mr. Voorzanger. British banking and British insurance were, still regarded as the standards of the world, and on matters of finance she still stood supreme.