WAVE OP DEPRESSION

Dominion, Volume 14, Issue 10, 7 October 1920, Page 5

WAVE OP DEPRESSION

PASSING OVER BRITISH COMMERCE

GERMANY COMPETING FOR

MARKETS

(By Telegraph-Press Aesoolatlon-OoMritfit

(Rec. October 6, 9.20 p.m.)

London, October 5,

Mr. W. P. Rylands, of the Iron and Steel Exchange, disoussed the wave of depression passing over the commercial community. Britain had been able to solve tho difficult problem of changing to peace conditions, he said, because the great manufacturing interests of the Continent were not in a position to Bupply any goods, especially any iron or steel, while the movements of exohange prevented the United States doing a large business. Now tho position was cuanging. Germany and Belgium were entering the markets of the world. German/ wns now doing forty times tho trade she did in the beginning of 1919. The expenditure of the Gorman Government eiill exceeded the revenue to tho oxtont of sixty milliards of marks a year, tho whole of which was being applied to reduce the cost of living by subsidising coal, railways and food, and the creation of an unfunded liquid dobt enabling German manufacturers to develop industries under a system amounting to heavy bounties. Britain was trying to do the exact opposite. She was trying to deflate, the Government removing every subsidy. He was not criticising the wisdom of policy, but it tfould increa«o the cost of living at a time when oar industries were seriously threatened by Continental competition.— Aus.-N.Z, Cable Assn.