U.S.A. TRADE

Hokitika Guardian, 28 November 1930, Page 6

U.S.A. TRADE

STORE SALES DECLINE.

NEW TARIFF RESENTED

WASHINGTON, September 30

Business statistics published to-day testily to the results of the depression in many industries in the United States during the first eight months of the present year. Seasonable gains are reported in some eases. But the departmental store sales, always a sure index of general conditions, are off from 8 per cent to 9 per cent.

Increases shown by savings banks deposits and bond investment are attributed to the Stock Exchange slump and the tendency amongst the public to buy necessaries only. Eleven countries have found a way of direct retaliation against the new American tariff duties, and others are doiitemplntiiig similar measures.. Trade with seven countries shows on improvement in some lines —the United Kingdom, Italy, the Netherlands, Belgium. Norway, Japan and Canada. The Washington Government’s finaneil position is considerably less secure than a year ago. It is true that the Government on September 25 had a surplus of over £12,000,000. But the payments into the sinking fund have been only one-quarter as much for the first quarter of the year as for the last quarter of 1929. If similar payments had been made this year, there would have been a deficit ot nearly £22,000,000.

The National Business,Survey Conference formed at the .suggestion of President Hoover following on his “sun. shine” consultation with ■ business leaders last December, outlines the facts of the depressing situation. But there is no analytical comment or attempt to forecast the future, which seems-to-day highly problematical. Cotton prices have been persistently downward, and wheat prices are the lowest in twenty-four years. These factors make for agricultural distress.

The plan of the Conservative Party in England to encourage wheat production within the British Empire would greatly reduce purchases from the United States. But no desire is shown here to participate in any world conference to fight the crisis or to take part in any international plan to prevent dumping. “If we did anything for wheat,” said one offiokil, “why not for other commodities of international trade?.