CLBABING HOUSES FOR BRITISH TRADE ABROAD. [To THE EDITQB or
MR "SPECTATOR1 Sin,--Referring to the Spectator (News of the Week) of March 12th, would you allow me, as an old, reader of the Spectator and a -business man with some knowledge Of export trade, to express surprise at a business man's experience in not being able to pull off a .400,000 order for men's clothing in Finland because he could not deal with timber in payment for the clothing? I don't know anything about timber, but if, es he says, timber is needed in England, why did he not get into communication with some of our old-established timber importers? There is no need for any new scheme, such as clearing houses abroad; we have in this country well-organized, experienced, and highly respectable export and import houses, whose staffs are simply itching for something to do, and if there is half a chance of a sound business proposal, you can rest assured that they-will do it without requiring Government help. Why export trade is stagnant is not owing to lack of capital or lack of organization, but owing to prices which our foreign customers cannot pay. This high level of our prices is brought about by excessive cost of production here and unfavourable exchanges consequent upon faulty financial management on the part of the Govern- ments of the countries with whom we should like-to do business. We shall not return to anything like a normal state of things until (1) coal and wages, here become much cheaper, and (2) until foreign countries stop issuing paper money, i.e., get to see the necessity .in their national finances of cutting their.coat according to the cloth. If our Government could persuade these countries in this direction it would do more good than any credit schemes, which I am afraid will only have the tendency of bolstering up their present-evil ways.—I am, Sir, &c.,
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