HC Deb 16 May 1911 vol 25 cc1859-60

But what is the position. Our trade has gone up by leaps and bounds. In 1908 our foreign trade was £1,050,000,000, and last year it was £1,213,000,000. So that there has been an enormous increase. [An HON. MEMBER: "Can you keep it?"] I hope so, and we certainly shall keep it if you play no tricks with it. Our foreign trade has increased enormously. It is not merely our foreign trade. Take everything that indicates prosperity at home. We have got an enormous increase in bankers' clearances, and larger railway traffic. The best test of all is the index of unemployment. In April, 1909, when I produced the Budget which excited so much controversy, the figures were 8.2, and that is very high. From that moment employment steadily improved. I am making no comments. I am stating a simple and very gratifying fact. I am certain that if the figures for unemployment had become worse, everybody would have said, "It is due to that Budget." Under those circumstances why am I not entitled to take credit for this. In April, 1911, the figures for unemployment instead of being 8.2 are 2.8, which is a most happy reversal of decimals. Trade is brisk, and our prosperity is greater. There is not a single symptom of trade bending under an undue burden, and the activity is greater than it was two or three years ago, in fact it is as great as it ever has been in the wonderful history of British industry and commerce. I may be asked, what about the building trade? That was the trade which was "marching to its doom." In April, 1909, we had unemployment very high in that trade, it was 11.4. It has now come down to 5.1. There is a steady improvement, and that is the lowest in the building trade for eight years. Therefore I am entitled to say, at any rate, the Budget instrument of 1909, which has produced enormous Revenue that is still growing, which has enabled us to meet exceptional demands upon the Treasury of this country, which has enabled us to clear off from £26,000,000 to £28,000,000 of debt; which has enabled us to face the future with confidence, so far from damaging the industries of the country, has given new hope and new encouragement, and trade is going on prospering.