VITAL TO VICTORY

Wairarapa Times-Age, 1 March 1940, Page 5

VITAL TO VICTORY

EXPANSION OF BRITISH TRADE CONSERVATION OF EXCHANGE. ASSISTANCE BY DOMINIONS NEEDED. By Telegraph—Press Association—Copyright AUCKLAND, February 29. ‘‘On rhe maintenance of Britain’s financial strength the whole British cause depends,” said the High Commissioner for the United Kingdom, .Sir Harry Batterbee, in a luncheon address Io the Auckland Chamber of Commerce.

“To do this it is absolutely essential that Britain’s export trade be maintained. and it is equally essential that British countries overseas send to the United Kingdom all possible primary products. “The position is encouraging, and is better than in the last war,” Sir Harry added. ‘For the first two months of the present year United Kingdom exports have exceeded, though only slightly, exports for the corresponding months in the last two years.” On the other hand, Sir Harry said, there had been a great increase in the value of imports, entirely for war purposes. This adverse balance showed the urgency of the need to increase exports still further. He trusted that all goods for which they had money would be imported from Britain at present. The United Kingdom was compelled at present to make very large purchases of goods in foreign currencies, specially dollar currencies, and every possible step was necessary to conserve exchange. It was necessary to restrict imports of many commodities which people of the United Kingdom were accustomed to import. Among them was petrol, and he would like to say that the people of Britain greatly appreciated the measures New Zealand was taking to share this burden. It should be made clear that petrol rationing in the United Kingdom was considerably more severe than in this country.

He had read in a letter recently that in England today petrol was more precious than champagne. While the United Kingdom must ever keep in the forefront the need to expand exports to all parts of the world, promotion, of inter-imperial trade remained equally her object;. Britain was buying the bulk of New Zealand's exportable surplus, and by reason of a common necessity for conserving foreign exchange, it was to be hoped that New Zealand would look more than ever to the United Kingdom to supply her needs in return.