TRADE SLUMP.

Taranaki Daily News, 7 October 1920, Page 5

TRADE SLUMP.

DUE TO COMPETITION, osrmany Bmjjmm trade. Sr tHtttitHi.--Ptm Aun.-~CotijTlthk. ' Received Oct. 6, 9.20 p.m. London, Oct. 6. Mr. W. P. Rylands, of the Iron and Steel Exchange, discussed the wave of depression passing over the commercial community. Britain had been able to solve the diQcult problem of changing to peace ooadrtioM because the great manufacturing interests on the Continent were not in a position to supply any goods, especially any iron and steel, while movements in exchange prevented the United States doing large business. Now' the position is changing. Germany and Belgium are entering the markets of tlie world. Germany is now doing forty times the trade she did in the beginning of 1919. The expenditure of the German Government still exceeded the revenue to the extent of aixty milliards of marks a feat, the whole of which was being applied to reduce the cost of living by subsidising coal, railways, and food, and the creation of an unfunded liquid debt, enabling German manufacturers to develop industries under a system amounting to heavy bounties. Britain was trying to do the exact opposite. She was trying to get the Government to remove every subsidy. He was not criticising the Wisdom of the polky, but it would increase the cost of living at a time when out industries . Were eeriougly threatened by Continental competition.—Aus.-N.Z. ~Cablo Ann,