1938-05-25 — Page 5

THE CHINA MAIL, MAY 25, 1988.

Deterioration Of Trade Conditions

London, To-day.

The president of the Board of Trade reviewed eco- nomic conditions in the past year in the House of Commons, and made references both to the Anglo-American trade negotiations and the position of the cotton industry.

Mr.

Oliver Stanley said that tional character. They had asked 1937, apart from the weaknesses the joint committee representing the which developed towards the close whole cotton industry to make pro- of the year, had been an extremely [posals and that WAB done in prosperous year for British trade.

December.

There had been hardly a section Certain difficulties had of British industry which had not within the industry and, the Presid- arisen

been able to increase its produc-lent of the Board of Trade made an tion and its profits and where appeal to the various sections to wages had not tended to rise. In

try to reach an agreement. the first four months of 1988, how- The question of the adverse ever, there had been a certain balance of -trade which had been the slackening in the increase of pro-subject of a number of Parliament- duction.

The Minister cited the figures of by the Minister in his speech.

fary questions recently was taken up employment, railway receipts,

AVERAGE BALANCE

postal receipts and of retail sales He said the adverse balance last in illustration of his statement.

Industrial production last

year amounted to £52,000,000, com- had been nearly 7% greater than fore: This £52,000,000 was affected year pared with £18,000,000 the year be- in 1936, following increases of 9%% and just over 7% in the two action in silver amounting to about to some extent by a special trans- preceding years. Speaking of the slowing down in the

£11,000,000. rate of in-

He thought the ad- crease of production, Mr. Stanley itself very frightening. It was true verse balance of $52,000,000 not in said that people were naturally seeking a reason for it.

that the excess of imports of mer- chandise rose from £346,000,000 in FALL IN PRICES

1936 to £432,000,000 in 1937 but the Anyone who had studied the analysis of the cause of rise showed question knew the main reason was it was not due to a decline in Unit- the fall in commodity prices due in ed Kingdom exports. The volume the first instance to the war in the of exports had increased by 9% per Far East which was having a much cent. The increased excess of im- greater effect upon commodity ports was due almost entirely to a prices and world trade than was rise in the price of imported com- fully realised. The second cause Imodities. was the influence of the depression in the United States.

NOT ENCOURAGING

If they were to re-value exports and imports of 1937 from the point With a population of 120,000,000 of view of a price level, the increas- people with a standard. of living ed excess of £86,000,000 would be higher than anywhere else in the only £8,000,000. world, the loss of buying power in the United States had a most de- cisive effect upon commodity.

This rise in the price of raw prices.

commodities imported was the thing Whereas in 1937, the United all of them for some time had been States were buying from abroad hoping to see and the fact it was oc- commodities and raw materials at curring, therefore, did not give rise the rate of 81,000,000 dollars to any particular anxiety because,. monthly, the average rate for the to a large extent, the-rise-in-the first two months of this year was price of imports should be followed, only 49,000,000 dollars.

after a certain lag, by rising re-

eipts from exports.

U.S. RECOVERY

American recovery, when it came,

The figures for the first four would be the greatest contribution months of this year, however, the which could be made to the re-Minister thought were not so covery of commodity prices and in-couraging.

dustrial

improvement in

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of commodity prices, the adverse The difficulties of the cotton in-balance had increased, due partly dustry through the fall in prices to an increase of imports but even had increased the importance of more to a decrease of exports. The the question of the reorganisation striking fact was that the whole of industry.

increased adverse balance of trade

Mr. Stanley recalled, that last in the first four months of the year year the Government had decided was covered by the increased ad- that it could not endorse the scheme verse balance with one country — put forward by the deputation from the United States. Lancashire bécause of its sec-

NEW MILITARY ATTACHE IN ROME

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count in the negotiations proceed- negotiations for a trade agreement could not any longer afford make ing with the United States to which with India and announced that unilateral gestures of goodwill in the Minister then referred. preliminary negotiations between a trade, matters.

He said he had already told the delegation from the Lancashire They believed in a policy of bil- House on several occasions the great cotton industry and unofficial ad lateral trade negotiations which importance which attached to a suc visors in India had broken down. they had carried on during the cessful outcome from those.negotia He could not see how it was pos- year but to a large extent.

tho London, To-day. Itions. He continued:

sible to conclude a trade agree amount of access to the home mar- The "London Gazette" last night

TRADE EXPANSION.

ment with India unless they found ket given to foreign countries de- announced the promotion of Major "What I mean by a successful a satisfactory settlement of the pended not only upon the Britishr M. B. Burrows, of the 5th Inniskill outcome is a genuine trade agree-cotton question. ing Dragoon Guards to the rank ment which does provide for a fair

Government but upon foreign gov.b of Colonel and his appointment to expansion of trade on the part of In the concluding part of his their markets they were willing to be Military Attache at Rome, both both countries. The treaty which speech, Mr. Stanley gave warning give to British exports. Internation- to date 18th May 1988.

lis concluded must be a treaty to foreign countries that, much as al trade was vital to Britain and in Colonel 1 Burrows, during the which will stand on its own legs, the Government might desire to any agreement with other coun- Great War served in France and is fair to both countries and will give them, so far was compatable tries the Government must be sure Belgium. He has been on the Gen lead to an expansion of trade be- with fairness to British manufac-of equal treatment and fair play eral Staff at the War Office since tween them.".

turers, access to the great United for British goods. British Wire- February, 1935. British Wireless. Mr. Stanley also mentioned the Kingdom consuming market they less.

BILATERAL TREATIES

ernments and how much access

.