TRADE WITH EUROPE.

Hokitika Guardian, 28 June 1923, Page 1

TRADE WITH EUROPE.

— — - EFFECT OF RUHR SITU ATI OX. LOXDOX. Alay 18. In his presidential address at the annual meeting of the Association of Trade Protection Societies of the United Kingdom. Sir Erie Oeihles reviewe.l ih ( . effect on the trade anil employment of this country of the present currency .situation in Europe, and of European tariffs, anil of the present European situation generally. He .-aid the improvement in Britain’s export trade during the last- two months had been checked, and lie did not believe there was going to be a “boom.” This retardation was particularly unl'ort tin-I ate ami significant, and lie could think i of no reason for this, other Hum the | advance into the Ruhr Valley and the I unsettled state of Europe. The -itua-l (ion in the Rohr would in the end have , a damaging elicit on the purchasing: power of the three countries more par- j liettliirly concerned—■ Germany. France. | and Belgium—and this ultimately would j .ilfi.it fm a i.on-Adorable time tin pur- i ■ basing; power of other rottnl rie.» with j j nliu-h I hey had been acco-tomed to do; busino-s .-o I bat the final result was a | crippling one mi all the markets nl the world. As he -aw it. Britain’- trade with Europe wa- dwindling, ami was hound to dwindle more, it exchange in Europe could improve, that would be doi -liable: but. however exchange iltli proved, we wanted matters stabilised ! -till more. Looking at the present j situation io Europe, were we justified j now. or lliuitelv. in continuing in ! [1,,. I-,, 1,, of ji benevolent but more or i less disinterested and dissociated onlooker m the action of our Allies!' It was right and proper that Germany should pay every penny of the reparations which she could be made to pa\, nr w bieh she could pay : but ii tlie present mistabilisod conditions went on in Europe wo were going to bet ome even worse sttll’erers titan Germany herself. Was it tun lime that, this uiinitry took ii baud io the present situation? One effect of the present tariff and currency situations of the world in this Free Trade country was to loreo ibe jli-iti-h manufacturer to manufaei nr l - in the countries protected by either low curri-m ies or high tariffs. Another aspect m this was shown by the fact that a French mechanical engineering concern was actually adverti !eg til tors, electtT'iatis. mill hands, polishers, "io.. to go to Frame to manufaiture an nriiulo which "as 1,.,rg, !v -liipoed to this country. Thereloro there wits the tin-ati-iaclory situation that British capital. British gondii:!!, and : iti-li -kill acre being rxport * l ,l to t>l her count re- in order to mu iiulncl ?;!•(■» i liojv. FFl'. IT IFR VTFK'IFNf V NEEDED. While there had been a gradual improvement in trade am! in employment, there was no rctimti or justifi< anon for eompl.ieeiiev in this mat ter. Ihe improvement appeared to bo checked. The disturbed (-coalition in Europe was one (> f the greatest adverse factors V. I’telt there could be. England mold uo h l.ger stand aside from the councils ut Eu- ; | ;,U,l „[ till? WO I'll I ill t 1)0-0 111 f- t t C I'-’. •f'l,. prc-eoi eoiuiiiiuu of Iter c’.J ' n trade in manufactured tirtieles w is the black spot in the unemployment problem. Markets which -be tt-ed to re m n ,..w being met by oilier (ountries with depro'-mted currency. Etit.-u j cn 1 iita 1 and ninnv.fai luring skill "ere ; being tempted abroad to manuiaelnr- j mo countries more favourably situate! i than our own. The people were paying j interest and capital on these debt-. Fni- c'lUnti v was not receiving interest or capital on the debt- owed to them. They lin'd a larger population to support heavier burdens lor industry to bear, and if they wore going to keep their place n« a manufacturing nation there must he increased efficiency and output per man-hour. Mien the u would rise and larger num-.ers v.otiM be employed.