BRITISH TRADE

Hokitika Guardian, 22 February 1933, Page 6

BRITISH TRADE

GOOD IMPROVEMENT SHOWN

BANK’S GOLD" TRANSACTIONS

(United Press Association —By Electric Telegiaph—Copyright.)

LONDON. February 21. Since January 2101, the Bank oi England, largely through the operations of the ’ Exchange Equalisation Fund, has acquired £9,986.000 in gold, which, more than offsets Britain's war dent payment to America on December 15th. The “Daily Telegraph's” financial correspondent quotes the :,,, ‘wspap?i, estimate that th« deficit in. all of the British payments, excluding those in gold, in 1932 was only twenty-five millions, .which was a notable improvement cn th ( , 1931 total of one hundred and five millions deficit.. In order words, while the, adverse trade balance in 1932 declined by 122 millions, there wars a further fall of .between 40 and 50 mjlhoms in the invisible exports, such as dividends, and shipping, earnings. Financial circles, in commenting on the purchase* of gold am];.of securities designed to check an undue' rw in th ( > dollar exchange rate, d<> not include this “bad money," winch may be withdrawn at short notice.

CANADIAN TRADE WITH U.'S.A. - M -./OTTAWA, February 20. : •‘Wait f/fj. . developments.” was the effect of Mr Bennett’s advice to the House to-day, when diiscus-s.ug a r,!S '”' by Mr Wil’iam Duff (Liberill. favouring reciprocal trade with the United States. He said that Mr. Roosevelt liaiT expressed a desire to negotiate .reciprocal agreements with otlici nations.

J't would be premature for the -Cnnaflinn Parliament to pass a resolution urging an. agreement,” said th° Prime Minister. “Any agreement would have to he .for a stipulated number of years, not. subject to abrupt termination by the caprice of one nation,” he added.