1921-09-21 — Page 10

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OUTLOOK FOR COMMERCE.

T. S. A. JAS TROUBLES TOO,

Sir E. Mackay Edgar, whose name carries great weight in the City of London, has just returned from the United States in an optinistic nood with regard to the prosperts of British

trade.

**If," he said, “we play out cands with even average intelligence, we ought to be stronger in five years thin we were at any time, before the

war."

This opinion conces frect one wis has had recent opportarities of form- ing an accurate judgment of the position of a greatrival in the markets of the world, the United States of Americ. It is a great mistake. Sit E. Mackay Edgar save, to picture Americs as an economic paradise.

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Sir Mackay Edgar, in the Eeening Standard, says ~

During the next few years, the industrial situation between England and America will be more interesting than for generations past.

The problem in relation to America is different from that in connection with such a country as Germany. I am not out to knock Americà, but a recognition of the facts makes me say to my friends here that three in the different industries in which we are interested need not be discouraged, and that the industrial problems we have to solve are not as great from the national point of view as are those of the United States.

In my opinion the whole aspect of the Industrial conditions as between England and America will be altered by the change in the laster's re- sources. What I mean is that the United States is going to become a colossal consuming Power. In things such as oil and non-ferrous metals they have been world-prxiucers. But they have only so much of these resources. They are dissipating assets which have been handel extra. vagantly. Their value will accord- ingly decrease.

The Americans are suffering severe ly from unemployroess, and even. in same districts, from actual distress A little time ago it seemed as though America, might prove a formidable competitor in international finance, in foreign eammerce, and in the ocean carrying trade. But in regard to all the enterprises she is finding the

It is a long view to take, but it is handicap of lack of experience, and the only one. When this position is the vitcumstances which buperficially reached the United States will come might seem to favour her are in reali- upon the world's markets for what tx disadvantage. Make no mis. they produce to-day, and instead of take about it. says this qualified being an exporting country they will observer.America is going through become to a much greater extent an a very complex and trying time. She importing nation.

i watching our

envy.

return to

"When the war starter! America saw strength and sanity with an admira- tion that has in it almost a touch of a great opportunity, but they lacked experience to handle it. They over- We firmly believe this view to be looked the fact that, however profit- just, says the Evening Standard, able the position to which they had attained, if the rest of the world After the immense disturbance of could not bay they would suffer from equilibrium caused by the war, a

over-production. certain dislocation. social as well as industrial,

The was inevitable. wonder is that it has not been more

severe.

It simply came to the position that the world sat down and could not pay. America was put into cold storage, and that is where she is,

solution of the problem of bringing back a prostrate world into a cou- dition in which she can trade, and that is summed up in the word 'time,' added Sir Mackay,

"The tide is now turning. The purchasing power of foreiga countries To my mind there is only one is increasing, the demand for British good has not been destroyed. but rather stimulated, by the shortage of supply; there is every sign of a revival. Nor is there the smallest reason to fear that, if he has freedom of action, "I do not mean that we have not the British manufacturer will be an

to fight to win our position. That able to avail himself fully of all must be a concomitant of what I opportunities presented by the re- may call the industrial evolution. emergence of more normal conditions But I think we have seen the worst. in the great purchasing countries.' If we get the industrialists. the capi-

THE BLIND TEST.

P. D.

PETER DAWSON'S SCOTCH WHISKY

THE CONNOISSEURS

IDEAL CHOICE:

OBTAINABLE VERY WHERE Bale égents. H. RUTTONJEE & SON,

HONGKONG.

1

THE CHINA MAIL.

talists, and labour to work har- momously, I believe we would get back to a stronger industrial positions) in a few years than we bell before the war, mainly owing to the fact that other people have more difficult national problems than we have.

There am only three things that we want to this end-

A Free Trade policy in the true sense of the term.

2. Absolute freeing of indus- rialists and manufacturers from bampering legislation.

3. Repsol of the Trades Disputes Act."

Commenting on these statements, the Erening Standerd says :-----

British industry was built up in an atmosphere of freedom, and in an atmosphere of freedom only can it flourish. No Government was ever so much inspired as this with the desire of helping British trade. But. unfortunately, its very enthusiasm is British trade's bane, Its well-mearit officiousness hinders money-making. and the cost of its well-meant offici- ousness adds appallingly to taxation.

The Government is at present i working overtime to pass a Safeguard- ing of Indestries Bill The only true safeguards nf British industries are British chanter and intelligence. Give them free play, assure them the fruits of the exercise courage them, by the swiftest and largest remissions of taxation that circumstances will permit and they wil bring the country through all its difficulties,

"If the Government is wise it will give up the attempt to teach the British manufacturer and merchant their business and content itself with what is properly its own basiness, which is to provide sound adminis tration at home and serk abroad the greatest of all British interests, which may be summed up in the one wond Peace.

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