The Daily News. THURSDAY, JULY 21, 1921. TRADE WITHIN EMPIRE.
In connection with the conference of Empire Producers, held in London last week, two notable contributions to the question of trade within the Empire were made by the Premiers of Australia and New Zealand. Before considering the bearing ' of these speeches on this important matter, it is advisable to remember that the war imposed upon the Empire a great burden of debtThe pre-war debt was about £1,365,890,000; the post-war debt £9,510,105,000, a - seven-fold increase. To ease the burden of this debt it is not only necessary to practise economy, but to increase production, since it is only by increased production that the debt .can be paid off and the standard of living maintained. In .order to increase production, it is necessary that the closest possible co-operation should be established within the Empire, the different parts of which rely in some degree on each other for the satisfaction of their needs. Hence the importance of recognising the essential economic unity of the British Commonwealth, and while preserving complete freedom of action to each component part, seek to co-operate for the purpose of securing the maximum activity in the production and exchange of commodities. The need for this co-operation has been plainly revealed. Yet no practical system has yet been evolved | for making it an effective factor in the Empire’s rehabilitation. The Federal Premier (Mr. W. M. Hughes) voiced a strong plea for a settled policy to develop the great resources of the Empire, contending it could be shown that it is equally as profitable to trade with, the Empire as with foreigners, but, even if it were not so, there may be reasons why we should develop our own heritage instead of that of actual rivals And potential enemies. ’Few, if any, will venture to contest the soundness of that argument, especially if they remember that, during the war, England was within ninety days of being starved, salvation coming from the Dominions. Those who advocate trade within the Empire are often sneered at as sentimentalists, and told there is no sentiment in business. To these Mr. Hughes replies with telling force thus:—
“Would a business man allow his own resources to be idle while he bought supplies from a rival or declared enemy? How does the Empire differ 1 from a great business? Is it good or bad that we, with the richest heritage of any Empire, of any time, .should permit glorious opportunities to slip by when they could be translated into pounds, shillings ■ and pence ?” No mere patriotism this, but sound, logical common-sense that even a child can comprehend, and equally convincing is his contention that if the Empire is to endure, we must march with the times, having a well-defined policy of trade within the Empire,, independent of the rest of the world. Mr. Massey’s contribution to this question took the form of a plea for a well-thought-out policy of Empire preference, “which would encourage production, bring waste places under cultivation, provide remunerative employment, and keep the Empire under our own flag-” Would that the admirable principle of bringing waste places under cultivation had been adopted wholeheartedly by Mr. Massey in connection with the Dominions’ repatriation scheme so that many millions spent in merely transferring improved land from one settler to another, and thereby inflating values abnormally, would have available for bringing waste land into cultivation, and constructing railways, roads and bridges to open up new areas of production and give employment to a large number who are now idle. That, however, in no way affects the soundness of t-he policy he now advocates, rather it gives it additional emphasis. The outstanding feature of the gatheripg of the Premiers of the Empire in London is the evidence it affords the world of the desire on
the part of the equal nations of the British group to concert their policy for maintaining their common interests, the greatest of which is trade —the life-blood of the Empire—while the promotion of. peace is the first essential to prosperity.
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Taranaki Daily News, 21 July 1921, Page 4
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677The Daily News. THURSDAY, JULY 21, 1921. TRADE WITHIN EMPIRE. Taranaki Daily News, 21 July 1921, Page 4
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