FOREIGN MARKETS

Wanganui Chronicle, Volume 74, Issue 191, 14 August 1931, Page 9

FOREIGN MARKETS

PRINCE AND TRADERS KEY TO PROSPERITY. LONDON, Juno 3. A stirring appeal to all classes in the nation was made by the Prince of Wales last week, lie was speaking at a dinner given by the London Executive Committee of the British Empire ; Trade Exhibition, Buenos Aires, and his address was broadcast. His audience at the new Dorchester Hotel included his brother, Prince George, representatives of the Government headed by the Prime Minister, diplomats, bankers, business mon—large and small—and politicians. In the first part of his speech, the Prince referred to his experiences in South America, He spoke of the need for the personal touch in dealing with the foreigrf markets. ‘ ‘Unfortunately, ’ } he said, ‘ • nowadays an impression seems to exist not only in Argentina, but also in the whole of South America, that our manufacturing genius is not entirely up to date; that we are supplying the goods of yesterday while foreign competitors are supplying the goods of today. From my own observation, I have found that impression in some degree a correct one. ‘ ‘But I am convinced that, by a closer study of these markets, and by the exercise of more imagination, wo can go one better than our competitors and supply the goods of to-morrow. i “Industry, salesmanship, shipping, and finance, each of these is essential to the success of our efforts in foreign i markets,” continued the Prince. “But something more is equally essential. They must not work as isolated units, but in cordial co-operation. Without that we can do little. With it, I am convinced, we can more than hold our own in the friendly atmosphere of those countries I have just visited. “I often wonder if we have that co-operat’fn and whether in many ways our efforts are not too individual istic and made independent of one another. Is there not room for closer and more intimate contact between London finance and industry in order that the bankers, ofi the one hand, may know fully the wishes and possibilities of the industrialists, and the manufacturers, on the other hand, may be quite clear as to the conditions . under which the necessary funds will 1 be available? Loans and Orders. ; “And there is one point in connection with loans abroad to which my notice has been called more than once . in South America. “When loans are made abroad by 1 bankers of some of the other great countries, they usually insist (directly ' or in some direct way), in so far as the proceeds of the loan are to be spent on machinery and materials, that the orders are to be given to the manufacturer of the lending country if the prices are reasonable. “I think that in the past bankers in this country have usually held that such conditions are unnecessary because sooner or later, directly or indirectly, tho money must be spent in the lending country. Possibly they are right. “But in these very difficult and very special times which wo are now facing, would they not be justified in taking steps to secure more speedy return of the money in the form of orders? i “In conclusion, I would like to pay ' tribute to our countrymen who live in South America. Theirs is no defeatist spirit. Their courage and patience in the face of very great difficulty fills ■ us with admiration. They set us a tine example. I would like the keyword of this evening to be co-operation. I would like these words not merely to come to those present here and to those who are listening in, but to reach every man and woman engaged in the common struggle in everyday life. “However humble may be the part that each of us is able to play, our ideals and objects are the same. Cannot we all pull together? Let us put , . new heart into our people overseas by showing them that they count on , our united efforts, and by showing the world that great as our difficulties are ; our determination will overcome them. ” (