IN ABSENCE OF GOLD

Evening Post, Volume CXII, Issue 83, 5 October 1931, Page 7

IN ABSENCE OF GOLD

BRITISH TRADE REVIVAL

CHEERING HEADLINES

(United Press Association—By Electric Tolograpli—Coryrlsbt.) LONDON, 3rd October. "first Signs of Trade Bevival."— "Many Orders from Abroad."—"Markets being Captured."—"ldle Men Callerl Back to Work." These are cheering headlines from to-day's "Daily Telegraph" and many other newspapers which are taking an equally optimistic view of the situation. Indeed, reports from all parts of the United Kingdom indicato a definite rovival of trade, the favourable currency position enabling industries to re-enter markets which have been closed to them for many years. Among the industries experiencing a revival may be mentioned shipbuilding, engineering, coal miring, cotton, artificial silk, and timber mills. Blast furnaces are being re-started after a period of inactivity, ships which have been long laid up in Home ljarbours have left their moorings to take coal cargoes to the Mediterranean and South America. MORE EMPLOYMENT. Already there has been a gratifying effect on unemployment. In the northwestern area the number of unemployed has fallen by 13,865 during the present week, making the total decreaso for the past fortnight 21,000. The increased industrial activity in Lancashire is not only in cotton but in engineering. Coal is doing better than for three years past. The cotton export trade is receiving unexpectedly large demands, Chinese houses placing orders there for the first time for years. German inquiries for cotton dress goods are particularly heavy. With their stocks being snapped up freely, spinners and manufacturers are beginning to take back workers who have been suspended for a long time. Two large mills at Oldham which have been idlo for months are re-starting. One Lancashire merchant says: "A few days ago we sold cotton piece goods to the American market which we have not been able to get inside for years. Although the gold standard in Sweden is suspended, wo are still able to sell cheaper there than the Germans, and we are capturing Germany's trade daily." ON THE STOCK EXCHANGE. Signs of returning confidence also are apparent on the Stock Exchange, where tho week's chief feature has been the steady investment and a demand for British -funds, with a general recovery of prices from the low level to which they, were unnecessarily marked down when Britain abandoned the gold standard. This recovery has- been greatly assisted by the improvement in the foreign exchanges business. Industrial shares have been restricted by tho limitation of dealings to a cash basis. This lias had tho desired effect of checking speculation,, and now its object has been achieved, and thero are indications of greater stockbrokers- are hoping that tho comr the normal procedure by withdrawing mittee soon will see its way to revert to the limitation order.