Trade Enhancement

It is very important that those engaged in such important matters as trade, industry and commerce should associate together for the common purpose of promoting their own interest and this is strictly business. Some of these associations date back as far as the eighteen century; business even before then was existing, of course business has always been for the living.

EXCHANGES-

These are highly centralized markets for the sale of a particular commodity and the technique of buying and selling at such markets have been sufficiently upheld. To incorporate an effective market there must be intimate knowledge of the commodity dealt in, particularly as regards the supply of and demand for the commodity and this knowledge must be common to all the buyers and sellers who constitute the market. Hence we find that a very important function of managemement of an exchange is to gather and collate such information from producing and consuming centers all over the world for the benefit of its members. Once again for its own reputation an exchange must exercise some measure of discipline over its members, particularly to ensure the due carrying out of any given contracts they may venture into. Certainly that disputes will arise between members, the committees of such institutions have devised  standards forms of contract in order  to  facilitate business and to avoid disputes as far as possible and they bind their members to arbitrate their differences, rather than resort  to the more expensive and more public legal proceedings. Arbitration  does not pre -include  legal proceedings  altogether ;for if either party refuses to accept the arbitrator’s award , the authority of the courts may still be sought .However it is therefore that an exchange is very much more than a mere building where by buyers and sellers of a particular commodity may meet conveniently. From the academic field of study of political economy, I can give a brief account of the chambers of commerce which is a strong institution in trade enhancement.

CHAMBERS OF COMMERCE

In a letter to the  Mercury, Mr. F.T. Chadwick as president of the Leeds Incorporated Chamber of commerce in 1911 written as follows, 

“I should like to remind the business community of Leeds of the valuable services which the Leeds chamber can render to them. On our council are many public –spirited business men/women who are giving their time, their knowledge and their experience voluntarily in the interest of the rest of the traders in this city. We have now, for the first time in eighty years history of the chamber, a full time secretariat which is being equipped to render members information and service which undoubtedly would prove too expensive for individual firms to collect. Information as to foreign tariffs, imperial tariffs and overseas marketing are within our range.

It must be remembered that the Leeds chamber is directly associated with 120 similar bodies in this country representing over 50,000 business houses and that it is in contact with 58 British chambers in foreign countries, 357 chambers in Canada, 57 in Australia, 40 in New Zealand, 86 in south Africa as well as many British and native chambers in India and in crown colonies and protectorates. We have 766 members at present and knowing s I do , the valuable nature of the service wear rendering and knowing still more the value of combination amongst commercial men for the purpose of fighting obnoxious legislation and securing  reductions  in taxation , railway fares , postal charges  e.t.c . I think it is only fair that all who gain by these ameliorations should subscribe to the cost of securing them. I therefore appeal for a membership reaching four figures before the termination of my second year in office as president”.

The history of the chambers of commerce as an institution for enhancement of trade dates  in the United kingdom  from 1768, when the Jersey chamber was founded , followed by Glasgow in 1783, Edinburg in 1786.Manchester in 1794, Belfast in 1796, Birmingham in 1813, Newcastle in 1818, Liverpool in 1851. These are all chambers of commerce in important parts of the U.K mercantile centres. The London chamber of commerce was not instituted till the year 1881, Liverpool in 1851. The members of the London chambers of commerce include, Merchants, Manufacturers, representatives of banking, insurance and transport, plus brokers, auctioneers and agents. The chamber is made up of sixty (67) trade sections each with a chairman and committee, including a General Council which reviews the measures recommended by different sections. The London chambers of commerce have for years interested itself in education of young people for commercial objectives and standards. With good education, business would be very excellent and hassle free.

Chambers of Trade- The main local associations of shopkeepers concerned with local affairs and to a level, social in character. But through their committees they deal with any questions affecting them as traders, for example the rating of shops in district, by laws.

CONSULS-

These are public officials responsible by the state in every centre of commerce in every country in the world. They are divided into four groups, vice-consuls, consuls, Consuls-General and Consuls Agents.  All consular acts are known as valid in all courts in the world and especially in the British High Court of Justice. The primary duty of a consul is to further trade with the area to which he is appointed. He also has to protect his countrymen and secure redress for any injury, they may suffer in a foreign land and he is not able to do so, it is his duty to bring the matter to the notice of the Ambassador in the foreign land.

THE BOARD OF TRADE-

This is in fact an important ministry. The board itself never meets and the operations of the ministry are controlled by the president of the board of trade assisted by two parliamentary secretaries. The board has the duty of guiding and directing particular industries such as agriculture and fisheries, building, engineering, food, fuel, and power, transport and materials. The board has certain powers and duties in relation to the following: Insurance and company law, bankruptcy; patents; weights and measures, the distribution of industry; general price control of wide range of materials and manufactures commercial relations with overseas countries; the promotion of exports; and the census of production and distribution. Aside from having general responsibility of commercial policy, it accommodates the work of firms both in Britain and within the U.K., arranges trade exhibitions. But the second world war 2 it did acquire a small interest, the economic  aspect  of reparations , the administration of enemy property, the allocation of scare materials. That is why war is not good for business development, even if there is gain, there would still be collateral damages.

THE NATIONAL UNION OF MANUFACTURERS-

Manufacturers of all types of goods are members of this body. It collates and collects the views of its members upon all matters pertaining to factory legislation, taxation and advises its members on such matters as business organization, markets and contracts. It also issues several important publications for the use of its members.

TRADE FEDERATIONS-

In each of industries there is a federation of employees concerned with the prosperity of that particular industry. The Master rubber-spinners federation, the American Electrical and Allied Manufacturers, the tin Box makers, etc Each of these federations has a committee whose chief duty is to interest itself in any matters which may concern the particular industry of the federation. The members enter into working agreements and through their committees negotiate with Trade unions on issues of wages and conditions of labour.

TRADE PROTECTION ASSOCIATIONS-

This is to assist traders by giving them information to the financial status of buyers, actual or prospective. By means of particulars extracted from public records supplemented by the private inquiry, they are able to advise their subscribers whether it would be safe to deal on credit terms with a particular person, firm or company and to what extent .In this way they save the subscribers from incurring bad debts. These agencies also collect bad debts for their subscribers and the largest of them issues weekly periodical giving particulars of all bankruptcies, deeds of agreement, bills of sale, and gazette for the week.

EXHIBITIONS-

As an aid to industry and trade, exhibitions are held from time to time, annually or at less frequent intervals. The Nigerian Industries fair, sponsored by the board of trade, under the federal ministry of trade and investments, embraces all industries and trades and is of a national character. Some are organized for particular trades; the best of these are Electronics show, the different varieties of international cuisine show, furniture show. In some cases, a government grant may be made towards the expense of the exhibition.

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