THE EMPIRE’S TRADE.

Star (Christchurch), Issue 16732, 13 May 1922, Page 8

THE EMPIRE’S TRADE.

CRADUAL RECOVERY. INTEREST OF DOMINION'S IN SHIPPING. By Telegraph.—Pr®*« Association—Copyright Australian and N.Z. Cable Association. LONDON, May 11. The Financial Secretary to the Treasury, Mr S/tan ley Baldwin, in supporting tho Board of Trade supply vote in the Ho Use of Commons, pointed out there had been produced an increasing desire in mnnv countries to become self-contained industrially. This had created increased tariffs and some maritAne countries were also attempting to discriminate against British shipping. He hoped that Great Britain and tlie Dominions would take counsel togethrer before it was too late, in order to present a united front against nttemp/cs to damage British slipping. If the restoration of Europe were delayed Britain must make up for this condition of affairs by a more extensi/e development of tho Empire’s trade. Unfortunately there were few immediate signs of rapidly increasing trade with the dominions. In India the coal trside had reached its econofmic level, exports approximating tho-se of pre-war days. Tron and steel were experiencing difficult times and the woollen and hosiery industries were fairly busv. Leather, boot and shoe trades wore feeling the effects of increased tariffs, notably South Africa’s attempts to establish a protected industry. The most hopeful aspect was that tlie country’s power of production had reached probably its highest point for some time. The British i>ercentage figure of exports of manufactured and partly manufactured goods had reached 65, compared with 100 in 1913. 110 in 1920 and 48 *n 1921. Thus Britain was slowly climbing out of the appalling pit into which she fell after the collapse of the postwar boom. Mr Baldwin forecasted that trade would continue to be slow with a gradual improvement, as he hoped and believed that they had left European militarism l»ehind. He hoped they were also leaving domestic and industrial militarism behind. NO SIGNS OF BOOM. (Received May 12, 7.40 p.m.) LONDON, May 11. Mr Reginald McKenna. Chairman of the Ixmdon Joint City and Midland Bank, speaking at Bradford, said thera were no signs of a trade boom, but there was ground for optimism regarding a recovery of trade. Manufacturers were now requiring more money and their turnover was becoming more rapid. Tt could not be expected that a healthy revival would come until Great Britain was in a position to make further substantial reductions in taxation- The income tax and super tax were preventing that growth of capital which was indispensable to progress in business. During recent months considerable loans had been made to the Dominions, colonies and foreign countries and were being expended in the purchase of British goods. Export figures had consequently become greater.