BRITISH TRADE.

Hokitika Guardian, 13 May 1922, Page 1

BRITISH TRADE.

OTHER COUNTRIES SELFSUPPORTING. «W»TWIIJ4N AND N.Z. CAIILB ASSOCIATION LONDON, Alny 12. Mr Baldwin, in suporting the Board of Trade supply vote, in the House of Commons, pointed out there was produced an increasing desire in nlnfly couutries to become self-contained industrially. This created increased tariffs. Some maritime countries were also attempting to discriminate against British shipping. He hoped Britain and the Domnioils would take counsel together before it was too late, ill older to present a united front against any attempts to damage their shipping. If the restoration of Europe were delayed Britain must make up therefore by more extensive development in the Empire. Unfortunately, there were few immediate signs of rapidly increasing trade with the Dominions and India The coal trade had reached an economic level, the exports approximating the pre-war level. The iron and steel industries were experiencing difficult times. The woollen and hosiery industries were fairly busy.

Mr Baldwin said the leather, hoot and shoe trades were feeling the effects of the increased foreign tariffs, notably in youth Africa. South Africa was attempting to establish a protected iHiot industry of ner own. The most hopeful aspect was that the country’s power of production had reached probably the highest point. Its percentage figure of exports of manufactured and partly manufactured goods reached (So, compared 100 in 191-1; and lit) in 1920; and 18 per cent, in 1921. Thus they were slowly climbing out of the appalling pit into which they fell after the collapse of the post war boom, but there was ground for optimism regarding a recovery of trade. Manufacturers were now requiring more money, and their turnover was becoming more rapid. It could not be expected a healthy revival would come until Britain was in a position to make further substantial inducts in taxation. The income tax and super-tax were preventing a growth of capital, which was indispcnsible to progressing in business. During recent months considerable' loans were made to the Dominions and colonies and to foreign countries, and were being expended in 'the purchase of British goods. The export figures consequently swelled.