The Guardian And Evening Star, with which is incorporated the West Coast Times. TUESDAY, JUNE 19, 1928. BRITISH TRADE RECOVERY

Hokitika Guardian, 19 June 1928, Page 2

The Guardian And Evening Star, with which is incorporated the West Coast Times. TUESDAY, JUNE 19, 1928. BRITISH TRADE RECOVERY

The statement submitted by Sir Philip Cunliffe-Lister to the House of Commons last week on Britain’s economic condition and progress, is, on the whole a distinctly encouraging review of the industrial and commercial situation at Home. Comparisons with the returns for 1924, says a contemporary, show a very considerable increase in production during the past four years, and at the same time a substantial! decrease in unemployment to the extent of over half a million workers. In engineering, and especially in the motor and clectric-al trades the recent recovei-y is being steadily maintained. The rise in coal production for the same period is not so impressive, but there is evidence to prove that Britain is now holding her own abroad against the strenuous competition of Germany and Poland. As to steel, the improvement since 1924 is well marked, and in shipbuilding, so long one of Britain’s staple trades, it should he noted that the vessels under construction in Britain at the close of 1927, . represented more than 50 per cent, of the world’s tonnage. Special interest naturally attaches to the condition of Britain’s export trade. In spite of the rapid progress of her most dangerous rivals before tho war, Britain still exports a larger proportion of her total products than any other country. Since 1913

Europe’s share of the world’s export trade has fallen from 62 to 52 per cent. But it is even greater consolation to observe mat within the same period of 14 years the proportion of British goods sold to the rest of the Empire has increased by 11 per cent, while the share of her products sold to the rest of the world has slightly diminished. As Britain’s best chance of ultimate o nomic recovery is to be found in her Imperial markets, this is a distinctly promising feature o 1 the situation. Indeed, tho only serious and threatening cloud upon Britain’s economic horizon is seen when we turn our attention to the textile industries. Apparently the President of the Board of Trade did not lay any special stress upon cotton, hut lit is notorious that this important industry is in a very depressed state, and the ominious fact that the spinning mills ai-e just now losing at the rate of £6,000,000 a yoar proves the urgent need for reorganisation here, ospocia'ly in regard to tho excessive capitalisation which has been the worst‘blunder that the heads of this great staple trade have ever perpetrated.