"NOT PLAYED OUT."

Waikato Times, Volume 100, Issue 16781, 26 April 1926, Page 4

"NOT PLAYED OUT."

BRITAIN'S POSITION TO-DAY.

HOW NEW ZEALAND CAN HELP. "If New Zealand can increase her proportion of British goods which she purchases she will not only do much lo solve her own economic problems but she will also aid those who are bound, to her, not by mere commercial interests, but by that, deep affection that joins us to our kith and kin be-yond-the sea," said Mr W. 0. Lambie, acting-British Trade Commissioner for New Zealand, at the annual meeting of the Chamber of Commerce, at Wellington. , Great Britain, although still passing through troublous times, had put forth more and more vigorous efforts to maintain her place of pre-eminence in world trade, efforts that had been crowned with an amazing measure of success. Her feat was rendered the more remarkable by the fact that vhjle engaged in that titanic commercial struggle she had found the strength to shoulder an enormous burden of expenditure on Imperial defence, she had stabilised her national finances, reduced her debt hundreds of millions of pounds, restored the gold standard, tnereby resuming her unchallenged place as the financial centre of the world, and, above all, she had honoured her bond .in a way that other nations had apparently found impossible. There were gleams of light that gave promise that Great Britain would rapidly emerge from the darksome vale of commercial and industrial—lJiough never spiritual—depression through which she had been passing. "Huge as the total trade of Great Britain was in 1914," continued the speaker, "it showed last year an increase of £32,000,000 to the gigantic ligure of £2,250,000,000. It is true that the volume, as distinct from the value, of British exports is still well below the pre-war level. Nevertheless, marked improvement lias been effected during recent years, the volume in 1925 being 7G per cent, of the pre-war, as compared with less than 50 per cent, in 1921. Moreover, this shrinkage in volume is very largely due to a general decrease in the trade of the world, in which Britain- still retains the lion's share. Britain is not played out. She is today the greatest commercial nation in the world, and the focus of the interImperial trade system. In the industrial sphere she is meeting with equal success in her efforts lo adapt her output to changed conditions, as may be instanced by the position of our motor industry. The number of British motor vehicles exported last year exceeded 29,000, as compared with 3000 in 1922, while during the same period the value of motor vehicles and parts rcse from £2,750,000 to £9,500,000. Moreover, users at Home showed their preference for the motor vehicles by purchasing 119,000, while less than 14,000 from overseas were retained for use. It is most gratifying to note that the number of British motor vehicles imported into New Zealand last year was more than doubled, increasing from 1413, or 7.53 per cent., of the total in 1924 to 3422, of 15.33 per cent., in 1925, while by value Britain's share rose from 16.27 per cent, to 25.90 per cent. With the growing attention that is being given to the wants of the Dominion there seems good reason to look for an even higher share this year, in spile of the slight drop of her share for the March quarter to 12.(35 per cent, by numbers, or 22.4 G per cent, by value. Still Room for Improvement.

"Nor is it in the motor trade alone that New Zealand is demonstrating her desire lo help the Homeland by buying British goods," said the speaker: "In 1925 New Zealand took 3.15 per cent, -of all British goods exported as compared with 2.70 per cent, in 1924 and 2.0 G per cent, in 1913. And yet there is still room for improvement, for, although Britain's share of the trade of the Dominion rose last year from 47.54 per cent, lo 48.G8 per cent, the proposition i.< well below the 51.94 per cent, recorded in 1923. For the first three months of this year the figure is 48.20 per cent." Beferring to conditions in New Zealand, Mr Lambie said he felt there was perhaps a tendency to take too pessimistic a view of the situation. Statistics .were notoriously not infallible, especially if not interpreted in the light of related circumstances. Although the banking returns revealed an increasing tendency to look for support, he understood lliat the position was by no means as serious as might appear, owing lo the fact that large stocks of produce were held, the proceeds of which would effect a considerable improvement. His own opinion was thai, while there was need for caution, there was no occasion for panicstricken restraint of buying. While an abnormally high proportion of New Zealand's imports represented capital expenditure that might well be repaid a hundredfold by the increased prosperity of the Dominion, there was yet a very- considerable volume of luxury or serni-luxury goods obtained to a large extent outside the Empire, the imports of which might well be temporarily curtailed without loss of national efficiency. Furthermore, New Zealand could increase her national income by increasing the sales of her products. One market alone seemed ready to lake the Dominion's products in unlimited quantities—■ Great Britain. (Applause).