WORLD’S ECONOMIC PROBLEMS

Timaru Herald, Volume CXLV, Issue 21279, 24 February 1939, Page 7

WORLD’S ECONOMIC PROBLEMS

ANGLO-GERMAN TALKS SURE FOUNDATION OF PEACE British Official Wireless (Received February 23, 5.5 p.m.) RUGBY, February 22. The hope that the recent coal trade agreement between Britain and Germany may lead to the solution of wider econonfic problems, and thus eventually to general world appeasement, was expressed by the President of the Board of Trade (Mr Oliver Stanley) at a dinner attended by Herr von Dircksen (German Ambassador in London) in celebration of the AngloGerman coal agreement. Mr Stanley said: “A few weeks ago, when Herr Hitler said he looked forward to and desired a long period of peace, he struck a responsive chord in .the heart of every listener in this country. I wonder if there is any surer foundation than the ability of two great commercial nations to adjust the manifold intricacies of their industrial relations, with mutual understanding, good will and benefit.” Herr von Dircksen declared that the trade talks in Berlin next month would be of lasting benefit to the two countries and the world as a whole.

BOARD OF TRADE RETURNS SOME UNWELCOME TRENDS British Official Wireless (Received February 23, 5.5 p.m ) RUGBY, February 22. The Board of Trade estimate of the balance payments in 1938 shows a debit balance of £55.000,000 compared with £56,000,000 in 1937, and £18,000,000 in 1936. There are all round reductions in the estimated net receipts from invisible exports national shipping and income from oversea investments —at £200,000,000, against £210,000,000. On the other hand, the excess of imports over exports was £387,900,000 compared with £431,300,000 in 1937, while the net import of sil" r of £10,500,000 in 1937 was replaced last year by a net import of over £11,000.000. The Board of Trade index of industrial production in 1938 was 6.4 per cent lower than 1937. This decline follows five years of continuous expansion. The most important groups showing a fall were iron, steel, textiles and non-ferrous metals.