BALDWINS, LIMITED

Hokitika Guardian, 29 May 1931, Page 6

BALDWINS, LIMITED

WORRYING OUTLOOK. LONDON, April 24. At- the tilth annual g* n-*a, meeting of Baldwins, Limited, held on April loi.lt, Colonel Sir \\ . t . Wright, Bait., *chairman), said it bad been a disappo ntmenl to Hie directors that the con lei v.ice with tht 1 Dominion leaders hi ~i iH.v-ui failed to conic to any under-siandir-g with the Home G vernmont. A-* 1 am sure you fully realise (he to,.tinned'), the Dnmimi n mar ets are j!' the greatest possible value, and -mould be the real backbone of the trade of this country, particularly in the case of the sheet and tinplate industries. TRADE WORSE THAN IN 1930. I think it r'ght to inform you that 1 rad ■ is verso now than in 1930 and if no improvement takes place the re-;-.l . 1’,,,- jp.'U will be considerably less avour:ible than .hose of 1930. Tie c i- under re.iew has again been a tr.v out], axioms one fur the'iron, -steel, ad eon! trades. Wilde tin* early part of the year’s trading was fairly satisfactory for these commodities, there was a cons durable falling-oil in the s"ccnd half of the year. DUMPING OF FOREIGN PRODUCT' The p sition is that the production of both pig-iron and steel is again greatly reduced, and as long as iron and st* 01 arc allowed to be dumped into this country I cannot see any real hope of

improvement in the situation. 111 fact, if thus state of nffa'rs is allowed to continue. I can only forecast disaster ahead for the trades in winch wo are all so greatly interested. Ibis is borne out bv tbe imports of iron and steel, which in 1929 showed the high figure of •2 ‘-122.300 tons, and in 1930 of 2,908.300 o s; all this steel represents the surplus of certain foreign countries who enjoy a protected home market, am 1 wages are considerably lower than ours.

The trade of the world h-s never been less sat sfactory than it is to-day ■Hid until we got a c'niplete change of ordiev in this country 1 can sec no chance of real improvement. It is crear thate 1931 will he an even worse year than 1930, and I put it up to tbe representatives of the three political Parties that if the trade of the country is to 1 e saved a drastic cut must he made in taxation and in the amount distributed on sown! serv ces.

T cannot emphasise sufficiently the oain andd distress (concluded the eliatrm.m) which our Board feel in having to reduce so considerably our staff and workpeople, who have so loyally, so . splendidly, and so wil'ingW worked with us in the many years we have gone j through. The outlook is dark, on,-I one cannot help feeling that, only those con- J corns best fitted to continue will snr- j vice. We have put our house in order so far as we can at present, and when [ trade does revive we shall be among tbe ;

first in this ooiniiry to take advantage and to derive the full benefit from this revival.