HELP FOR BRITISH INDUSTRY.

Timaru Herald, Volume CXXV, Issue 18538, 8 April 1930, Page 9

HELP FOR BRITISH INDUSTRY.

Discussion In Parliament. INSTALMENT PLAN ADVOCATED. (British Official WireleSs.) RUGBY, April 4. In the course of a debate on unemployment in the House of Commons, Sir Arthur Steel-Maitland (Minister of Labour in the late Conservative Government), suggested as a remedial measure, that the selling of British goods on the instalment system might be developed in some European countries. He pointed out that where the instalment system was developed, there was an enormous extension in sales, and, in some European markets, the system was only in its infancy. He also pointed out that, while the price of British goods was sometimes higher than those of competitors, British credit was cheaper in this country than abroad. Could not this cheapness of credit be used to set of! dearness in price? Mr Thomas, Minister in charge of Unemployment, said that undoubtedly there were distinct advantages, in cheap money, and he assured Sir Arthur Steel-Maitland thatt that side of the question was not being ignored. Referring to the statement made in the Press that a company with a capital of £6,000,000, was being formed under the auspices of the Bank of England, to help industry, Mr Thomas said this was premature. He could, however, inform the House that he was taking steps to implement the speech which he recently made at Manchester in which he announced that financial authorities were co-operating to find the necessary money to assist industries. He would take the earliest opportunity of taking the country and Parliament into his confidence in what he believed would be a real development in the relationship of business and finance. Mr Thomas added that he had been urged to cease publication of the figures of unemployment, which gave a distorted reflection of affairs, and did Britain incalculable harm. He mentioned that, under the recent extension of unemployment insurance, many people had claimed benefit who were not entitled to it. They included hundreds of thousands of married women who had not been employed for eight or ' >en years, and who temporarily swelled the unemployment figures. Export Credits. A Bill is to be introduced by the Government to extend the operation of the exports’ credits scheme until March, 1935. Under the existing legislation the scheme lapses in September of next year. The extension has been decided upon in order to remove uncertainty from the minds of the exporters. This has been rendered more necessary by the increasing number of exporters who are taking advantage of the facilities provided for insuring against risk of bad debts abroad. Nearly 1000 new connections have been made during the past year, and since July, 1926, contracts concluded under the scheme amount to nearly £13,000,000. The new Bill will not increase the maximum liability of the Government, which is £26,000,000.