The Guardian And Evening Star, with which is in corporated the West Coast Times. THURSDAY, OCTOBER 15, 1925. BIRTISH WORLD TRADE.

Hokitika Guardian, 15 October 1925, Page 2

The Guardian And Evening Star, with which is in corporated the West Coast Times. THURSDAY, OCTOBER 15, 1925. BIRTISH WORLD TRADE.

Thk distinguished committee of eighteen business men. with Sir Arthur llulfour as (liairman. vhieh tor a year has been studying the world's markets and the prospect lor British trade, both within and without the Empire, has given to the public in the form of the first of three volumes, the result of its labors and conclusions to date. Nothing more important to the commercial interests of Great Britain, says a financial journal, has been accomplished since the Armistice. The volume just issued contains about seven hundred pages and reveals the painstaking accuracy with which the work has been carried on. The outstanding fact is that the conclusions of the committee are tinged with optimism, in contrast with the pessimism that seems to have developed sporadically whenever the subject of British overseas trade has been discussed. Fact.- and figures in the report show that British commerce not only has a future, hut that it ha been holding its own. and more than its own since the War. The committee gives English business and manufacturing interests some very valuable advice, and points out to them a few of the obstacles they must overcome from this time on. Taking up the several factors that seemingly obstruct the development of British trade, and which count for the apparent decreases that have alarmed those who handle it the committee mentions three influences that have to be reckoned with. The first is a loss in purchasing power, the second is the development of competitive local manufacturing within Dominions, and the third is the presence of foreign competition. These

are primary factors with causes leading out to dislocation of exchanges, war de.bts and various other items. When the subject of domestic manufacturing in Dominions and foreign countries is mentioned, the reader will at once

agree that tariff is a corollary influence. The committee' evidently is convinced of that, for it discusses at much length the tariff as a "hole. It is significant, however, that the report agrees that increased tariffs since Ibid “have not mj far been an important factor in retarding the recovery of our trade. - ’ General competition is harder than before the war. hut not in till

directions. Gorman experts, for example. are only per cent, of the pre-war volume. Belgium 0.5 per cent. I'Tunce seemingly lias recovered, with a volume of TOO per cent., while the I'nited States stand at the head of the list with I-fO per cent. The committee dues licit dodge* the issue* and is ni the opinion that with a rehabilitation of German industry, which is a necessary step for the payment of reparations. British trade must expect to have a harder road to travel. To make a more general summary of the report is difficult. A fair conclusion is that with the present treatment that Greal Britain is receiving in foreign markets, and Vith a fair field. British trade can and will command its own share of world commerce, l’erhaps the opinion of the London Economist in this particular is of value. I hat organ says: “In our view, there are three! main lessons to he. drawn from the volume Indore us. Our own troubles me. in the main, the reflection of world conditions, and will mend as and when those conditions improve. Secondly, uf the main export difficultics. of which we hear so much to-day. most appear to lie temporary rather than iKTinau-<-nt. Thirdly, we have nothing whatever to gain and everything to lose hv rash experiments in fiscal policy. The world is still impoverished by the war. The re-establishment, id' its purchasing power can only take place slowly as a result of hard work under conditions conducive to security and confidence. l«'or the pace of that recovery much will depend upon tin* wisdom ot the l haiicelleries. But, ns the Balfour Committee point out, other forces, like tin* growth of manufacture in the less industrially developed countries, undoubtedly represent permanent. tendencies, with which I raders must inevitably reckon in future, and t„ which it is. therefore essential that 1 1 1 <■ v should strive with all their power to aeeomniodate their outlook, their methods and their organisation. Cleat Britain, the report conclusively shows, has more than held her own in world

oonipet it ion in a. period ol idolise difficulty. Thi~ fact, even amid the great difficulties that remain, should hearten our industrialists. lioth employers and employed, to redouble their pursuit ot efficiency by the road ol goodwill and co-nperut ion. Wlmu t lie w hole w ork is completed. British business men, and loisiness interests of other countries, will have before them a -limy that may take it- pine in importance with the fninoii- Bullion Import - ol the early Niiiiecnth Century. Naturally, portions of tin* report can only record history, even with an early date ol publication. But the basic tacts already sei forth and to be «ct forth will serve as a signboard to guide commerce on a safe road. It i» to be hoped that some elear-mimled interpreter of economics, with the assistance ol le-vel-headed business men. will ex! rail from the report as a whole a briel concensus. so simply worded that even those who have only an elementary euiiee] I inn of the involved factors of nalional and world enmuieive can gin -11 ii and profit I hereby. I In- report promises to be too valuable to find a resting place on the dusty shelves of statistical libraries. Hightl.v studied, il means more trade and therefore more prosperity, not only lor Fuglaud, hut for the commercial world in general.