With the full recognition abroad of this Improvement, sterling again became the principal currency for International trading. The one. crlthioism to be levelled at the Budget that it was no more than a budget, a time when an oficial statement of monetary and economic policy was demanded by the nature of inter= tional trading. That. however, is fand, "since its appearance has historical precedent for percursing a boom) hax been the indus Of this, the construction continuance of recovery in the capital
of the "Queen Mary" was a fitting symbol, although the economies of the vessel have been subject to considerable criticism, Among the hes industries, no industry ts heavier (in every interpretation) than steel, For the twelve months ended Tune 1034, British steel production reached the high gute of 8,327,300 tone, bettered {in recent years only'by the 129 figare 'f 9,655,000. Tt is estimated that this otter gute will be nearly equalled by the output for the full year 1934. Mutatis mutandis, what Is true of the steel trade is true of auch industries fas rayon, (production in October. at pine million Th, was new. high Yecord), engineering, lecteielty and motors.
Country's Export Trade 'The export trade problem is always with us, France or can, at a pinch, ian position. Britain' cannot; for her no economic readjustments can get vid the need for huge imports, and to balance these she must export. The collapse of the World Economic Conference of 1933 did not augur well for international trade. The lack of alleviation in 1984 of the trade and currency restrictions which impair the passage of goods across seas and frontiers constitutes perhaps the chief economic problem. There has been a amall improvement in. the export position, however. British exports for Qotober were up on the year, and for the first ton months of 1934 were £325,756,000. an increase of £23.228,- 000 over' 1938. In the absence ut the Yemoval of any -British tariffs the increase of £56,175,000 in imports for the fest ten months of 1034 over the corresponding period of 1993 is only attributable {oan increase in raw~ material purchases.
Text read from the printed page and cleaned; old type leaves the occasional error.