The Washington herald., 1919-11-16
BRITISH TRADE AND INDUSTRY
BOOM is DEFYING PESSIMISTS
Less Unemployment Than for Years, and
Foreign Trade Picks Up Rapidly, Only
Black Spot Being the Coal Shortage

maintain life OF products made dur
ing the war for the stay-at-home
population. Economists shook their
heads with gloomy forebodings.
Not only unemployment would
wreck the nation in the transition
period. they thought: the national
credit was bound 10 be smashed
during confused months or years
when business men were trying
to readjust themselves TO peace
conditiops and resume normal
economic life.
The miracle by which the country
transformed her industries OF peace
into weapons against the enemy in
1914 and 1915 has been duplicated In
these recent months. The task of re-
adjustment is not completed. but the
wonders that have been wrought leave
no doubt of England's success.
Production Increases.
Actual production of all kinds In
the United Kingdom during the past
three months. measured in actual vol
ume OF goods as well as in money
value, was greater than in any three
months of Britain's history. This fact
astounded me when l learned il. and
still appears almost incredible, but
1t Is borne out as well by official sta
tistics available at the board of trade
as BY ocular evidence. Smoking CHM
.neys and roaring prosperity afford.
Why. then. has British exchange
tumbled in America? Partly because
OF conditions of war financing-the
debts piled up were so huge that in
dustrial production, however large.
cannot Immediately weigh heavily in
the scale against them. Partly be-
cause the export trade is the weak
link in this country's economic armor.
The June figures were very bad. and
Lloyd George lamented over them in
Parliament, while the country beat
its breast and told itself that 1t was
going to the dogs. But they repro
sented goods ordered in March, or
even earlier. when the Peace Confer
ence was just getting down TO brass
tacks and economic recovery had
scarcely begun. Since June exports
have increased monthly by great
strides. Last month the money value
of exports was greater than in any
other month in history, although since
the prices are now double or more
the old levels not more than half the
amount of tonnage was dispatched
that constituted a record in 1913.
Cotton Booming.
Steel and wool are the export
staples at this time. Europe needs
them for reconstruction worse than
she needs anything else. Cotton. too,
is booming-good news for our South
ern States. In August alone, four
times as much cotton piece goods
were sent to China as in the whole
year 1918. Prospects for the great
cotton spinning industry are indicated
by the constantly rising prices of cot
ton mills. even though as vet :ne
industry has not experienced the boom
that the steel and wooden trades en-
JOY. In the Manchester district, how
ever. almost all the mills are on full
time again. and few spinners and
weavers are idle.
Production of steel now approxI-
mates one-fifth more than the 1919
figures, and constitutes a new high
record for peace time. although not
equal to the steel turned out dur
ing the war. The wartime stool
manufacture was. however. from the
economic viewpoint waste Steel now
being made goes into ships. motor
cars. railway equipment, and to the
reconstruction of bridges and ruined
factories in the devastated areas,
Ships and autos are not being ex.
ported yet. as the home demand can
not be satisfied.
Get Bad jImpression.
Travellers in wartime England re-
ceived a bad Impression Of British
railways. an impression that endured
until they passed on TO the Continent
and found the service infinitely
worse. Even at the beginning of the
war. however. there was no such con-
gestion here as paralyzed American
roads during the bitter winter of
1917-1s. The government took oyer all.
the roads when war began, and the
optimistic Briton has since been tell
ing himself and others that the war
has wrecked his country's railways.
The roads are all bankrupt. they Will
be a drain forever on the tax payer.
their equipment is Junk and Il will
take years TO get them running prop-
CRY. was assured on oil sides last
winter.
IL Won did rot know the delight
the Briton takes in woe and gloom,
1t might surprise you to learn that in