GETTING BETTER.

Taranaki Daily News, 13 May 1922, Page 5

GETTING BETTER.

TRADE OF THE EMPIRE, SIGNS OF A REVIVAL. GREATER PRODUCTION. By Telegraph.—Press Assn.—Copyright. Received May 12, 5.5 p.m. Loudon, May 11. Mr. Stanley Baldwin (President of the Board of Trade), in supporting the Board of Trade supply vote in the House of Commons, pointed out that the war produced an increasing desire in many countries to become self-contained industrially. This created increased tariffs, some of the maritime countries also attempting to discriminate against British shipping. He hoped that Britain and the Dominions would take counsel together before it was too late, in order to present a united front against attempts to damage our shipping. If the restoration of Europe were delayed, Britain must make up therefor by a more extensive development of the Empire.

Unfortunately, there were few immediate signs of rapidly increasing trade with the Dominions and India. The coal trade had reached an economic level, the exports approximating those of pre-war. Iron and steel were experiencing difficult times, but the woollen and hosiery industries were fairly busy. Mr. Baldwin said the leather, boots and shoe trades were feeling the effects of the increased tariffs, notably South Africa’s attempts to establish a protected industry. The most hopeful aspect was that the country’s power of production had reached probably its highest point. Our percentage figure of exports of manufactured and partly manufactured goods had reached 65, compared with 100 in 1913, 110 in 1920 and 48 in 1921. Thus we were slowly climbing out of the appalling pit into which we fell after the collapse of the post-war boom.

Mr. Baldwin forecasted that trade would continue slow, with a gradual improvement, as he hoped and believed we had left European militarism behind. He hoped we were also leaving domestic and industrial militarism behind.

Mr. Reginald McKenna (a former Chancellor of the Exchequer), speaking at BradfSfd, said there were no signs of a trade boom, but there was ground for optimism regarding a recovery of trade. Manufacturers were now requiring more money, and their turnover was becoming more rapid. It could not be expected tnat a healthy revival would come until Britain was in a position to make further substantial reductions in taxation. The income tax and the super tax were preventing the growth of capital, which was indispensible to progression in business. During recent months considerable loans had been made to the Dominions, the colonies and foreign countries, and were being expended in the purchase of British goods, and the export figures has consequently swelled.—Aus'-NJZ. Cable Assn.