BRITISH RECOVERY

Hokitika Guardian, 20 September 1933, Page 5

BRITISH RECOVERY

GENERAL REVIEW

COMMENT BY HON. R. MASTERS.

(Per Press Association — Copyright.)

WELLINGTON, September 19,

‘‘Judging from the decrease in unemployment figures, the increase in investments for the development of manufacturing, the budgetary position, the decreased importation of manufactured goods, and increased importation of raw material, it is apparent that a measure of prosperity has returned to Britain,” stated the Minister of Industries and Commerce, Mr Masters, to-day. ‘ ‘Perhaps no better indication as to the revival that has taken place could be secured than from the reduction of unemployment registrations during the months from February to June inclusive, the total registrations having been reduced by 464,987, while in June of this year there were 144,500 fewer unemployed than in the month of M'ay. The improvement covers a wide area of industries, including iron and steel manufacture, engineering, shipbuilding and repairing, textile industries, metal goods manufacture, building and 1 the motor trade. Employment figures are particularly encouraging and the improvement extends to almost every trade. In comparison with this, the rest of the world is suffering from a growth of figures in unemployment. With regard to the export trade of the four great commercial nations of the world, one can make a very significant comparison. The percentage values of decline in exports during the first four months of the year, compared with last year, showed the United States as having dropped by 27 per cent. Germany 25 per cent., and France 14 per cent, while Britain’s decrease is 7 per cent. The statistical figures indicate the recovery is widespread, the improvement having taken place in 90 per cent, of the industrial groups. The motor market had been steadily improving for some time, and remains brisk, sales during the present year showing considerable improvement on those of the previous year. Substantial increase's are taking place in the export business ,not only within the Empire, but also with foreign countries. It was interesting to note that as a result of the Ottawa Agreement, Canada alone had .increased her purchase of cars by 109 per cent. The ten horse power car has been in most popular demand, and seems.to be asserting itself as the family c'ar. Motor< factories whichsrriisually /slow down at this time of the year are finding the pressure sufficient to continue, manufacturing.

The returning Co ti fulfill ce has reflected itself in the retail bustncsß also, and people iu'o loosening the purse .strings, «» roportud jty til# largest .re* tail businesses, Messrs Gamago’s, Ltd., said: “Last year’s sab was good, but this was better. More money was spent in all departments.” Messrs Harrod’s said: “The mail department increased by ten per cent.,' and our ordinary sales showed 'a considerable increase, the most significant being a great improvement in' heavy, goods like funiture carpets, ironmongers, linen, blankets, etc.” Messrs Selfridge’s report that they served many more customers than last year. The building trade was particularly active in and around London during the time we were there, and although I did not have the opportunity of seeing the activities in the smaller cities and towns, I am given to understand that what applied in London applied in a similar degree in the smaller centres. The return of confidence to the investing public is re’ally remarkable, as no less than £40,000,000 was invested in new companies during the first six months of this year, while figures f0r.1931 were £27,729,000, those for 1932 being £34,057,000 The stock markets were buoyant, industrial and commodity shares being y n special demand. Those who are naturally cn.utiov.3 in expressing their views about drawing optimistic deductions are agreed' that there is good reason for coming to the conclusion that trade generally is in. for better times. Three of the largest savings hank institutions, viz., saving certificates, post office savings banks, and the trust savings banks, which really are the banks of the working people of Great Britain, showed that the personal savings had increased, by £26,000,000 during the first six months of the present year, the post office accounting for about 50 per cent, of the total.

M.v own opinion is that this undoubted revival in trade, and confidence in tbe future lias, in a. very large measure, been responsible for lifting the depressed values of our primary products from the prices which were ranging in the -earlier part of the year to those of to-day.'- I feel that I cannot do better, in summing up..the position, than repeat the words of Mr Neville Chamberlain when speaking in the House of Commons recently: “Wo are more than holding our own. 1 think we have at least homvn to see signs which show .unmis-tnV-blv that the improvement is not n fleeting one. It has n, solid founda-t-v,u, which iwv lin "xpected to continue, and i believe that the result of our efforts is now beginning to show itself to advantage.”