The Guardian And Evening Star, with which is in corporated the West Coast Times MONDAY, APRIL 18, 1932. BRITISH TRADE.

Hokitika Guardian, 18 April 1932, Page 4

The Guardian And Evening Star, with which is in corporated the West Coast Times MONDAY, APRIL 18, 1932. BRITISH TRADE.

I nii British trade returns for the first complete month since the Import llutiiv: Act came into operation cannot tail tu afford l a great deal of satisfaction to all who considered that the exigencies of the times necessitated a departure from what has been called tile traditional policy of the country. There were, sayp an exchange, two motives behind the Government’s proposals to institute a system of duties 011 goods imported l into Cleat Britain. A consideration of great moment was related to the necessity for providing revenue, The imposition of duties was also deemed to he essential in order that tv favourable balance of trade might ho secured, The new fiscal system lnaa already, in the first month for which it has been in operation, had a marked effect on the trade balance. Ais lias been reported in our cabled news, the imports for March were over £9,000,000 less than for the previous month, when they were rushed into Great Britain in order to escape the duties, while the exports showed an increase of about £1,200,090, so that an adverse' trade balance was reduced from £34,738,968 to £24,499,000. Perhaps, however, a jester comparison would be with the returns for March, 1931. In that month the adverse trade balance was £36,675,383. It will 1)0 seen, therefore, that the balance for the past month was more favourable to the extent of over £l2, 000,000 than it was for the corresponding month of last year—and this notwithstanding the fact that discriminatory restrictions upon the importations of British coal are practised in Germany, and that quota restrictions are applied in France and Belgium that are regarded aiS inequitable. The /significance of the statement by the President of the Board 1 of Trade that the practice of discrimination against Groat Britain could not be ignored ami that such steps ais may appear to be necessary would he taken is not fikcly to he lost upon foreign nations. {Aim of the great- merits—possibly the greatest merit—of the fiscal s.vhtom that: has now been introduced in Great Brit:tin consists in the fact that it places th(> Government in the position, for the first time, of being able to negotiate- with foreign countries re--I,pec-ting tho terms; upon which trade with them may be conducted. It is in that pen.se that a passage in a sp 'eli by tho Chancellor ol the Exclmquer, before the Impnrl Duties Bill received the final assent of the House of Commons, may perhaps he most appropriately interpreted. Mr Neville Chamberlain said: ‘‘When Home day the historian comes to set Oil reel. l'd his vi"W of I lie event,-- of Fohriinry, 1932. I believe ho will point to that- date as cue of the lanemarks in the -strange and eventful (history of our race. I believe that: lie will apolaud and aimin' the eournec and foresight of this country in dialling In inelf free I'.om her pa-t troubles rml in finking up n new career. In ml-i 11-hand with the sister ( . ml „trici., of the Empire, the central ip.nf a great economic lederntimi , v j,| and strong enough to withstand nnv shock which it liny have to sutler from fortune in the future.” Another effect, however, of the operation of the duties has boon brought under public notice by the

President of the Board of Trade. Upwards of forty new undertaking, Mr Bunciman says, have been set- up in Great Britain in the past few months by, or with the al.kistance of, foreign concerns. A wholesome respect for the influence of the duties upon trade is, as, was indeed to lie anticipated, being reflected in the investment of foreign capital in Great Brit-