EMPIRE’S WORLD TRADE

Sun (Auckland), Volume IV, Issue 937, 2 April 1930, Page 8

EMPIRE’S WORLD TRADE

PROGRESS IN DOMINIONS INCREASE SINCE 1913 The growing share of the Kmpire n .he trade of tiie world ,;hcl. :n partita*.ar. the progress of the over-laa Do. minions, are emphasised lie Uur. :eenth report of the Imperial Economio - he secretary, on ”T..« T. . ••• of tha •ritish Umpire. 1913 a:. ; 19;sThe committee, of which S:r Ilaliord dackinder was chairman, states' in lu eport. That the memorandum brines ut “the increasing economic importnee of the Empire as a wi-.t :<• At Ui« • resent time the external trade of ill, _»ritish Empire, even when the statisics relating to inter-Imp* rial transact ions are eliminated, exceed? that of my other large unit, such as th* - nited States of America, or the surested United States of Continental uurope. Between 1913 and 1927 t.e rade of the Empire with the world • utside advanced more rapidly than :he trade of the world, and yet, with the exception of British Malaya, every considerable part of the Empire found markets within the Empire tor at least 40 per cent, of its total exports.” The following is Sir David Chadwick's summary of his memorandum, which, he says, deals solely with the statistics of the imports and export* of merchandise (excluding re-exports) of different countries.

THE EMPIRE’S POSITION The Economic Section of the Leaeue cf Nations estimates that total world trad* in 1927, recalculated at 1913 values, w## 20 per cent, greater than in 1913. On this estimate the trade of the Bri ish Empire, taken as the aggregate of the imports and exports of its several part* and corrected for changes in price levels, had increased between 1913 and 1 _ it 27.5 per cent. In tie two years 1927 and 1928 the rate of expansion was, however. somewhat The aggregate of the imports and exports of the various parts of the British Eni, pire represented nearly 30 per cent, of world trade in 1927. It exceeded the aggregate of the foreign trades of the countries in Continental Europe west of the Balkans and. of th# former Austrian and Russian Erapir# (excluding the Netherlands). If the statistics relating to imports #jsd exports in 1927 be separated, the Eripire in that year was on balance a# importer of merchandise. Since 3913 direct trade between Empire countries and foreign countries has ex* panded somewhat more rapidly than inter-imperial trade. In 1927 the value of the merchandise passing between Empire and forei.*n countries was about three times passing between Empire countries. If inter-Imperial trade were treated domestic and the statistics relating to it were excluded from the total of world trade, and if the inter-State trad* between the various countries of Continental Europe were similarly dealt with, then the trade between Empire as a whole and the rest of the world was in 1927 about the same as that between the Continent of Europe ajid the rest of the world. CANADIAN PROSPERITY The advance of the Empire overseas since 1913 has been rapid. In 1927 and again in 1928 the total exports from the Empire overseas exceeded those from the United Kingdom by about 40 per cent., although in 1913 they were below them by some 7 per cent. In Canada and New Zealand exports in 1927, were. as compared with 1913, greater in volume by about 100 per cent., and 40 per cent, respectively, although concurrently the ratio of th# prices of exports to the prices of imports in 1927 was above the corresponding ratio in 1913. These facts denote rapid progress. In Australia and South Africa the expansion in the volume in trade wa4 about 10 and 18 per cent, respectively. Up to 1927 the price index for wool in Australia (1913 standard) was higher than the price indices for most raw materials in 1927. In South Africa the price indices in 1927 for exports and imports were practically Identical. lii India, although local needs, both for the better cereals and for manufactured goods, are being met by local production to a greater extent than in 1913, both imports and exports in 1928 equalled in volume those of 1913. It is probable that the expansion in the trade (imports and exports) of the Crown Colonies since 1913 has been more rapid than that of other parts of the Empire overseas taken together, though data for determining that surmise are not forthcoming. In contrast to the foregoing the volumd of exports from the United Kingdom in 1927 was less than in 1913, though the volume* of imports was greater in 1927 than in 1913. On the whole the volume of merchandise entering into inter-Imperial trade I* 1927 exceeded that of 1913 by more than 20, probably by about 25 per cent. BRITAIN THE FOCUS The United Kingdom is the focus of inr ter-Imperial trade, of which in 1927 about 84 per cent, centred on the United Kingdom. In 1927 (trade with the Irish Free State being excluded) the United Kingdom imported and used about 40 p°r cent, more Empire produce than in 1913; the increase in the imports of foreign produce in the same period was about 15 per cent. Exports from the United Kingdom to the Empire Overseas (excluding the Irish Free State) were about 9 per cent, less in volume in 1927 than in 1913; the decrease in volume of exports to foreign countries was in the same years about 30 per cent. _ In 1927 the importance to the TL nftea Kingdom of the Empire overseas, both as a source of supply and as a market* was thus considerably greater than in 1913. In 1927 each portion of the Empire. w?tn the exception of British Malaya, looked to other parts of the Empire, and on the whole found there markets for ax least 40 per cert, of its exports.