New-York tribune., 1921-03-19
England Expects
Better Trade, Due
To Demand Here
New Price Level Now Being
Established Likely To Be
a Minimum, Says Official
of British Government

Better prospects for international
commerce, chiefly through coming re-
vival of demand from North America,
are indicated in a statement made by
F. G. Kellaway, Parliamentary Secre-
tary to the British Department. Of
Overseas Trade.
Conditions at present prevailing in
overseas markets are far from favor
able, he says, largely as d result of
congestion of goods purchased before
prices relapsed and slow, difficult
process of liquidation.
"But symptoms are not wanting of
an Improvement in the outlook" he
adds. ain the North American mar
kets, where the decline in British trade
was particularly severe, there are en-
couraging signs of revival of conf
dence, accompanied in this case by un-
questioned purchasing power.
'Ihe cruX OF the present situation
lies in Europe, where the more difficult
consequences of the war are only now
being fully revealed. Europe still
needs our products, but many Euro
pean countries are unable to purchase
in consequence of commercial and
financial Reorganization, no less than
in consequence of the real impoverish-
ment of their peoples resulting from
the war. The indirect consequences of
such impoverish shment are, perhaps,
hardly less important to British indus
try than the inability to make direct
purchases.
British trade is suffering in India
and in other distant markets at the
present time largely in consequence of
the inability of those countries to sell
their surplus produce to Europe and in
this indirect fashion pay for imports
from this country. We have there
lishment of more stable conditions
throughout Europe.
British trade still has considerable
leeway to make up before it regains it's
pre-war level, and even that should be
but the starting point of further ad-
vances. How is this aim to be achieved? :?
1t is clear that countries such as Rus
sia, Germany and Austria offer little
hope of a rapid increase in their ca
pacity to absorb British manufactures,
but from small beginnings it may be
expected that improvement in this di
rection will be registered with the re-
settlement Of Europe, which we hope to
see during the present year.
"A more Immediate and stronger de-
mand may be looked for from the Amer
lean continent. The immense volume
Of exports from the United States dur
ing the last year must have it's effect
IN stimulating contrary movement,
and, although the compensating i'm
ports are likely to take the character
more predominantly Of raw material
and sub tropical produce which she
cannot produce for herself, yet a de-
velopment of this character will have
an important bearing on the demand
for British goods in other markets.
"The present moment is not one for
despair. It calls rather for energy, for
initiative and for courage in facing
facts. There are difficulties to be met
ct any period when prices are falling
and when confidence is shaken by the
fear of further collapse. These diff
culties can be surmounted if they are
confronted boldly, and the revival which
is now, as hope, in sight is due to the
fact that there is q growing conviction
that the new price level now being
h1;chod G 1ika1v 70 ho m N jnl1u1 ~