BRITISH TRADE.

Star (Christchurch), Issue 16330, 20 January 1921, Page 7

BRITISH TRADE.

OFFICIAL STATEMENT. REVIEW OF THE YEAR. FACTS TO BE FACED. By Telegraph—Pres* Association —Copjricht. Australian and N.Z. Cable Association. i (Received January 20, 5.55 a.in.) LONDON, January 19. j Mr l'\ .G. Kelleway, Parliamentary j Secretary of Munitions, lias issued a j .statement in which lie says that, despite ! the present depression, there arc / grounds tor restrained optimism xeI garding the trade outlook, chiefly be- : cause we are leaving a period of ab- , normal values and finding real values, | leading to stability and progress. He emphasises the point that many of those voicing labour aspirations viewed j tlio situation superficially in claiming j that the increased production which ! was preached since the war had led to ' over-production and consequent unemployment, the fact being that production was still unequal to the. world demand, but many countries wore, unable to provide ;he goods or the services necessary. The shrinking of employment, anil the scarcity of profitable orders succeeded the boom that followed immediately upon the armistice, but the British credit system had weathered the worst storm, demonstrating its solidity in a striking manner when a collapse seemed possible. The coal output had suddenly overtaken the demand, which whs lessened by the slump. Tt was improbable that the American invasion of European markets would continue permanently. The Teraieulen. international credits scheme was :t step j m the right direction, but it was not i likely, to be ready to operate in time | to relieve the present depression. .Meanwhile Mr Kelleway recommended the fullest use of the Department’s export credits scheme. 1 Mr Kelleway further said it was necessary to'recognise that while the j values of exports in 1920 showed a i magnificent leap, the quantities had j shown a big leeway compared with 1913. The goods exported from Britain m 1920 amounted to only 54 per cent Jof t-lie quantity sent out in 1913. He j hoped tlmt manufacturers, despite the I passing depression, would courageously prepare for an increased overpeas de>- | mand. probably within a few months, ; and particularly from the dominions. whose markets, serving wealthy popuI Jations of enormous purchasing power, ; offered Britain substantial advantages ; over her competitors. Ti. was not right I that the United States should. provide j three-quarters of the Canadian imports, | and British exporters wero hampered ! ;n Australia arid New Zealand owing

to the exchange deadlock. YJiatovci remedial measures the Governments might introduce he feared that a substantial improvement was not likely I>eforo March, when the new wheat cron would exert n beneficial influence.