THE WORLD IS CALLING FOR SUPPLIES.

Taranaki Daily News, 20 December 1919, Page 12

THE WORLD IS CALLING FOR SUPPLIES.

'NOT A TIME FOR DESPAIR BUT FOR COURAGE AND CONFIDENCE IN THE BUSINESS WORLD. "A world which has been denuded of stocks ia calling for supplies. That call will increase, and we are probably on the verge of one of the greatest trade booms in commercial history. It is a time not for counsels of despair, and not for the panic-stricken 'sacking' of useful servants, but for courage and confidence." — Sir Leo Chiozza Money. Sir Leo Chiozza Money strikes an optimistic note in an articje in the Daily News on "The Coming Boom in the Trade of the World," and England's chance to seize a great opportunity. "As for production generally," he says, "it is quite untrue to say that it is in the doldrums. The fact is that there is an enormous demand for products which cannot be satisfied. Not only the export market, but the home market has expanded, and there is a ready sale for everything that can be produced, whether furniture, or brassware, or cottons, or woollens, or hardware, or glass, or railway wagons. "In spite of the demobilisation of over 3,000,000 men and a great army of munition workers, the number of unemployed is less than in many normal years of peace. The trade union unemployment rate is very low, and the number of persons drawing unemployment donation is a fractional part of the millions who have been demobilised Army, Navy, Air, Forces, and munitions.

OUR TRIUMPHANT EXPORTS. "Let us suppose," says Sir Leo, "that, anybody had been told in March or April of 1018 that in another eighteen months' time a triumphant Peace Treaty would have been signed, and that exports from the United Kingdom would have risen to the Tate of £1,050.000,000 per annum. In those dark days such a prophecy would have been difficult to believe. We were in retreat, and the Channel port 3 were in such imminent danger that we made stores of food to save London from starvation through the cutting of the Dover communications. "Well, it is true that our exports have risen to the amazing figure of £I,OBO-, 000,000 per annum. And it is true also that a Peace Treaty has been signed and awaits ratification. Yet the writings and speeches of this present time are characterised by an extraordinary note of pessimism. We are told that our trade is 'ruined' and approaching disaster. Production, we are told, has sunk to such a low ebb that we are on the verge of an abyss. Current rhetoric, indeed, is full of 'chasms,' 'abysses,' 'gulfs,' 'precipices,' and other varieties of the steep descent. "The amusing part of it is that as the wailings increase our trade also increases and unemployment grows less This in spite of worse than no assistance from his Majesty's Government. The "situation, in fact, is largely taking care of itself. WAILINGS AND TRADE INCREASE. "Next to the United States of America we are in a singularly fortunate position, and it would, I think, take much more bungling than has actually been accomplished to make it impossible for Britain to do a huge trade in the near future. It is perfectly true that America emerged from the war almost unscathed .in point of war casualties, and enormously invigorated by stupendous war profits. Next to America, however, Britain has the best trade in the world, and is in the best circumstances to take advantage of a great opportunity. '•But let me deal with accomplished facts. These are so remarkable that I set them out in some detail, As from September, 1918, the commerce of the United Kingdom in millions of £:

"Our aggregate exports have more than doubled in only eight months. Sinea December, 1918, it will be seen, while om imports have increased by £32,000,000, our exports have increased by £48.700,000. "ADVERSE BALANCE" GOING. "It is true tliaL there is still an abnormal excess oi imports, but that fea-

ture of the case I dealt with in these columns on August 21. I then showed how much of the import values are duo to high freights (which Arc really invisible exports), and that there is still a great tribute coming in from overseas investments. Since then the position has further improved, as I said it would, and the Prime Minister's speech in the House of Commons on August 18 has been sternly rebuked by the facts of the case, The much trumpeted 'adverse balance' is indeed disappearing, and is fated to- disappear entirely. WHAT ARE THE PROSPECTS ? "The record of exports of British goods only is singularly encouraging. In Dccomber last the exports were £38,300,000; in the month just closed they amounted to £74,800,000. I should like to know what greater rate of progress in exports than this could be reasonably, or even unreasonably, expected. "If we turn to the entrepot trade—the export trade in imported goods—we see that this was almost negligible at the end of last year, and that it has already recovered to £13,300,000. This, be it remembered, in spite of the fact that Europe has been out of action as a market. "What are thi prospects? I have said that next to the United States the United Kingdom at the close of the war is in a triumphant position in the world of commerce. She is one of the three white nations with a great coal supply. Germany, the third of the coal triumvirate, has lest part of her coal by the Peace Treaty, and is under obligation to furnish large quantities of her remaining output to France and Italy for nothing, as part payment of indemnity. North. Germany will have serious need to import coal from this country." Sir Leo closes with the triumphant words quoted at the head of this article.

Month. Ex ross of 1918. Imports. Exports. lmpts. September . ... 98.0 . ... 41.9 .... 56.1 October ... ... 44 9 .... 72.8 November ., ... 46.1 .... 70 8 December •., ... 41.4 .... 74.8 1919 January ... 51.9 .... 82 6 February ., ... H2 0 .... 55.1 March ..... ... 02.1 .... 43.7 April ... 71.8 .... 40 4 May ... 75 8 .... 59 8 June 122.9 . ... 76 5 .... 46.4 July ... 77.1 .... , 76.0 August ... 90.1 .... 58.7