MARKETS NEEDED

Rotorua Morning Post, Volume 2, Issue 330, 17 September 1932, Page 2

MARKETS NEEDED

extension oe trade needed to maintain trade ■ bAlance^ ' minister's advice. "Trade within the Empire is a fine ideal. It must not, however, be overlooked that the United Kingdom exports more of her manufactured goods to foreign countries than she sends to her Dominions, said the Hon. E. A. Ransom, Minister of Lands, at the annual dinner of the Palmerston North Chamber of Commerce Iast Friday. "The Ottawa Conference serves to , show how far we can extend our mutuai trade within the Empire," said j Mr. Ransom. "It serves to show also | the fallacy of building- up tariff walls j between nations." j Dealing with reciprocal trade, Mr. ' Ransom said the United Kingdom j eould not long eontinue to take the j whole of the primary produce of her | Dominions and foreign eustomers as ! well. The Dominion must look for additional markets. Markets were better in those countries where the balance of trade was decidely against the Dominion at the present time. In 1929, the last year of good prices, the Dominion imported goods worth 15£ millions from foreign countries, or over 32 per cent. of her total imports. In 1931 foreign imports had dropped to under 7£ millions, but this still represented over 20 per cent., as there had been a corresponding drop in British imports. Direct exportation to foreign countries in 1929 was only about one million and a quarter. "We have the primary products rei quired by foreign countries, and they" I have the goods that we require, which ! are not procurable in the United j Kingdom," said Mr. Ransom. "All j that is required is good salesmanship ! and the establishing of credits." !