SPENDING IN BRITAIN

Wanganui Chronicle, Volume 90, Issue 8, 10 January 1946, Page 6

SPENDING IN BRITAIN

MAY HAVE MADE NEW RECORD London, Dec. 28. The latest bank return suggests that despite scarcities, the actual spending by the British public may have reached record proportions this year, says the Australian Associated Press. London itself rn the last few months has experienced an orgy of spending. The retail trade figures have shown abnormally heavy sales of houshold goods. This is attributed largely to Hie influx of provincial crowds and to demobilised soldiers eager to spend their wartime savings and post-war gratuities. In many lines of merchandise, notably men’s wear, the stocks of London retailers are now the lowest for several years, and in view of the iccent decline of small savings commentators are stressing the urgent need for increased production of goods in short, supply. Many people are wondering how austerity tc which the British will evidently have to reccncile themselves, will fit in with the drive for tourist traffic, which the Travel Association is already launching with the aid of the American Chamber of Commerce. The need for foreign currencies is generally recognised, but the competition of visitors from abroad for goods in short supply will hardly be welcomed by the man in the street Financial circles, nevertheless, are sceptical of the possibility oi a 70 per cent, expeasion of British exports and agree that much of the deficit may be made good by the development, of Britain as a tourist centre. Receipts from tourists before the war reached £30,000,000 sterling in a good year, and there is confident expectations that this total can be raised to £100,000,000 when shipping is available.