THE Wairarapa Age. MORNING DAILY. WEDNESDAY, DECEMBER 15, 1920. BRITISH TRADE RETURNS.

Wairarapa Age, 15 December 1920, Page 4

THE Wairarapa Age. MORNING DAILY. WEDNESDAY, DECEMBER 15, 1920. BRITISH TRADE RETURNS.

The British trade returns for November are on ilieir face extraordinarily favourable. Despite the coal strike, the exports increased from ■€112,000,000 in October to £.18>,000,000. and the imports showed a decrease of live millions. The excess of imports over total exports was reduced" to less than twelve millions, which would lie far more than covered bv invisible exports, But, as ooijitod f>u| by an j Auckland paper, part or all of the j increase in exports would be accounted I for by the eageVness and ability of English jiiniiufftcturcrs to rush goods to (lie Dominions in excess of their customers' expectations. The increase has its counterpart here in the phenomenal increase in imports, which is , largely accountable by the fact that customers are getting all at once orders spread over long periods, This oj'iUj; ifi illjjJgs will not last, and conditions at Home, suuh as the. increase in unemployment and working of short Mine in I'ucfories, point to n decline in exports during the whiter months. On Ilieir side, the Dominions are in need of a reduction in imports. It is noteworthy that, in an interview, the Parliamentary PiH'KU, ry (~ iju> Doj;|ij,|monl of Oversees Trade speaks of Imperial trade as being "none too bright," notably as regards India and Australia. Australia is in a similar i'.OSJn'on fp, \fp w Zealand, in tiiat there iiic exchange qu/:sfipy. is trouble. "Now thai export trade lias to l)e conducted by ordinary business [ nifttliods instead i.f t)ie method of prompt payment by the. British Oovernment in anticipation of shipment," says the current "Insurance and. Banking Record," in a passage that applies to Xew Zealand as well as : jo Australia," and now that prices are ' undergo; Tig n reaction, it is obvious lh.it Australian pnrch,iSi> ai-toa;:] will require to be limited in proportion jnawdy (p l!|o realisation of Australian export aide, pro.du.eis.' '■ Tjio f.xfpnf of the. reporietl 'f,slump" at Home con'liiutos j,o be disputed by the able British Trade Commissioner in Now Zeulnnd, Mr, I?, W, Dalton, He lm> been contending that the reports are exaggerated, that prices have not fallen to the extent suggested in the e.'iiiie i f i;y,a, r.yr] thr.t \v. mpny lines prices continue to rise. i"n reply ro him newspapers have quoted lain extracts from the leading English papers in respect to fall lug prices and increasing unemployment, In which grave fears for the coming winter are expressed. In his latest statement Mr. Dalton says that his inquiries and in formal ion "go lo show that where prices have, faljen the fall has been relatively slight, f»T)fj i?:' mai(y cases prices have actually risen," an.l that ho sees no renson why the Now Year should not willies* n complete recovery from "a temporary dullness." We hope Mr. Dalton will prove to be right, To some extent his contention is borne out by the "Statist's" figures. The monthly index numbers of wholesale prices show n sternly decline since April amounting to IS.fl per cent,, which is by no means sensational Rut the general retail level has not fallen parallel with Ihe fall in wholesale prices, and in many ■linos retail prices have, risen, probably relnilors from now on will bo compelled lo redncft their prices owing to the pressure, of the batiks and the abstention of customers. Our impression is Hi at., while Mr. Dalton is quite .justified in putting the bes| flomplexion on the situation in England, he underestimates the extent and force of the mpyompnfs. The meial market is recognised as a good barometer of trade. Copper has fallen from £95 on June 4 to £77 17s fid last week; load from £l.l 10s to £2fi; tin from £275 to £228. The warnings of the Primn Minister and the President of the Board of Trade must be taken seriously. I