THE Daily Telegraph. WITH WHICH IS INCORPORATED THE WAIHI MINER THURSDAY, APRIL 8, 1920. BRITAIN'S INDUSTRIAL OUTLOOK.

Waihi Daily Telegraph, Volume XVII, Issue 5881, 8 April 1920, Page 2

THE Daily Telegraph. WITH WHICH IS INCORPORATED THE WAIHI MINER

THURSDAY, APRIL 8, 1920. BRITAIN'S INDUSTRIAL OUTLOOK.

Here shall the Press tho People's Right maintain, Una wed by inllueneo and uiibribtd by gam Here Patriot Truth her glorious preo»utn draw, Pledged to Religion Libertv and Law

A consoling feature la the industrial .strife tlialt is permeating England at th,> present time is the optimistic tome of a large, number of its leading men, one of whom is Sir Ilobort Hadfield, head of the grealt steel firm bearing his name. Sir Robert believes that good times are <iu store for the nation, and bases h. ; s

belief en the feverish activity of 'tho manufactories. "Britain's means o! production, he states, "are certainly far ahead of the conditions in 1913. We arc /to-day in a position to produce, wealth at a very much greater rate and oti a mucJi larger scale than was the case before the Avar. Although the war destroyed

much of our national wealth it compelled us to increase our facilities for produciing wealth We made vast amounts of machinery for war work ■which are now ready for peace work. Tve improved many of our worn-out methods by mentis of inventions and sraenitific planning winch will enable us now to produce at a much .greater speed.. Thousands of people were trained for productive work who would -never have carried on any Work otherwise. And, lastly, the war proved to us that we can put through a tremendous

and ibirmidable-looki'ng difficulty by puiliinrf together—the whole nation as one force. We are really in a position to pay for the war aiud at the same time [raise .the cmttfre standard 'of Jiving. The attainment of this desirable consumation rests entirely with the people of the country. Inventive minds are ready, commercial minds «r? ready; it is now for 'the employer and worker to show their real interest in. the empire." Sir Robert points out that in the years before the war, if more tluvn five million working days were lost

in the twelve months by industrial disputes, this was rightly regarded as unsatisfactory. I'u the first eight months of this year -'nearly five times this loss took place, and by now it must be getting on towards ten times the normal loss by reason of industrial disputes. No nation can continue solvent for long under such unsatisfactory conditions. He urges workers to be patient, especially as the future- is particularly bright. Inquiry for British goods are more numerous thaln ever before. Manufactures in Ejiiglaud are loaded with orders, months, j perhaps years, ahead of their output.

; The reason lor tnc adverse j.ue w. «■ '.change with America, which affects tho ' cost of living, is not that British goods , arc.not wanted but s'.mply that Britain | has not the goods to-scUd. Yet most I British industries are going at full blast amd employing vastly wore labour I than ever they hare done before., "This country,'' says Sir Robert fladficld, . "always docs its bast after realising that it is in a tight corner. The tight corner j has come but let us follow a wise and nvoll-thought-out pla.ii of co-operation [ and production and we will come round j

with flyi'jig colours.. .Although the oatj Jook seems sombre, Britain is taow j facing an opportunity for the greatest j prosperity of her history.''' These tipt.v mistic views are supported by the latest available trade statistics. British over;<?ea trade during, the past year attained unprecedented value. Taking imports, exports, and re-exports together, the j total is almost double" the valuo in the (last prc-wai- year, alnd surpasses the agi gregate income" of all persons Tin' the ! United Kihgdom in 11)1.3. The other

' side of the account shows* the .imponts ; to have reached the phenomenal figure of 1,632 millions, leaving the trade ,'balaUce stilJ heavily against Britain, but 'to minimise this there stand th':> earnings of the British mercantile marine, estimated at 3-30 to 400 millions, ink-rest on foreign investments 150 millions,banking commissaws and other income estimated at -10 nfllions. So that the trade situation is rapidly righting itself.

Great ISritain would have little trouble about adverse !\jrei;j;':i exchaiH'.os i." she bad borne only culy her own fi'iiaiicial .share in the war instead of financing all Europe. Here is the record: lM) millions lent to .Russia, 400 millions to Franco, the same to Italy, 70 to IJehiimn, ai id about-the same to the l?alka:;i S'atos. K this money were repaid, says Ki.'iO mil-

lions, the' people of Britain could pay the United States in hard cash for the excess of imports from tbalt country, and the pound would be back to its old ratio of .four dollars eighty-six cents. Great Britain is st ; ll paying for the freedom of other clawitrios, making neither comphinrt nor boast about it. "lV.fciin is a country,'' says one writer, "which takes such duties for granted, and some other countries take it for granted that Uriin'm fchall bear their burdens.