TOPICS OF THE DAY

Waikato Times, Volume 122, Issue 20495, 11 May 1938, Page 6

TOPICS OF THE DAY

Britain s Trade Position ‘Tu reviewing the situation last year I had the temerity to utter a word of caution, and to suggest that we ought to take every care to ensure against the activity of our internal trade degenerating into anything which could possibly he called a boom, and that in the second place we should look forward to the time when the chief causes of our internal activity had come to an end and take all possible measures to fill the gap with increased foreign trade. The events of the past year have, I think, justified what may have appeared to he an unnecessarily cautious attitude on my part. It frequently appears to be the fate of a banker to be in opposition to the existing trend of public opinion, and if last year, when everything seemed rosy, I had my doubts as to the future, so again now, when talk of a recession in trade is somewhat loud and insistent, I see no reason in the fundamentals of our commercial position to apprehend any serious set-back. There are many factors, especially in the political sphere, which are on the lap of the gods. Of these lam not able to speak with any particular knowledge or assurance, but trade in itself in this country appears to me to be generally sound."—Lord Wardington, chairman of Lloyd's Bank.