BRITISH TRADE CRISIS

Manawatu Standard, Volume XLV, Issue 126, 1 May 1925, Page 9

BRITISH TRADE CRISIS

IMPORTS INCREASE, EXPORTS DECREASE. OUTSPOKEN MEMORANDUM. LONDON, April 15. The Empire’s Development Union’s memorandum on the trade crisis calls attention to the fact that British exports in 1924 were 24 per cent, below those in 1915, while, based on similar prices, the imparts were 4 per cent, above the 1913 figures. , The memorandum cites 20 countries whose exports in 1923, based on 1913 prices, showed, a greater recovery than Britain’s revealed. The following countries had relatively greater exports in 1923 than in 1913:—Canada 80 per cent, higher, France 56 per cent., New Zealand 54 per cent., Brazil 30 per cent., Denmark 14 per cent., Australia and China each 12 percent., Argentine 11 per cent., Japan 10 per cent., United States 4 per cent., South Africa 3 per cent. The memorandum also points out that Britain’s export trade is becoming more and more dependent on the Empire, for, whereas foreign countries took British goods worth £4,000,000 less in 1924 than in 1923, the Dominions took £32,000,000 more. “The industrial advance in foreign countries,” says this document, “has altered the conditions of foreign competition. Whatever steps are taken for the restoration of British industries, it must be recognised that Britain now is only one of a number of great industrial countries, all of which have made greater strides in recent times than has Britain. There is no hope of translating into fact the popular delusion that Britain will once more become the supreme industrial country', as the comparative decline of British industries extends beyond this generation.” It points to the fact that the permanent causes of this position can only be removed by drastic action in conjunction with the great Dominions. The memorandum further emphasises that the disquieting feature of Britain’s position is the immense increase in the importation of manufactures, indicating that there has been a reversal of the old policy of importing raw materials and exporting manufactures to pay for materials and foodstuffs purchased abroad. SIGNS OF REVIVAL. An all-round growth of imports and exports during March, as contrasted with the same month of 1924, indicates a real revival of trade. The outstanding advances are in imports of raw cotton and exports of manufactured cotton, also skips, aircraft and locomotives. On the other hand, exports of coal have decreased by 2,000,000 tons, only the Welsh anthracite collieries representing a fourth of the pits in the country, working full time. Imports for the quarter ending March 31 were valued at £351,916,000 and the exports £208,684,000. REDUCE FOOD IMPORTS? Mr Hewins, a former M.P., in a report to the Empire Development Union, asserts that statistics prove that the deterioration of British trade has gone so far that it is impossible for Britain to regain her position as the world’s leading industrial nation. He emphasises that the Dominions offer the best scope for British trade development, and lie declares that British agriculture must be restored, increasing, home production and reducing imports of food.