TRADE IN 1914

Dominion, Volume 8, Issue 2420, 27 March 1915, Page 27

TRADE IN 1914

EFFECT OF THE WAR IN BRITAIN SMALL DECREASES . The revelation of our foreign trade in 1914 ought to give profound satisfaction to the, country, remarks, . the liOndon "limes" in its auhual review. Who is there, it asks, that would have had ,the hardihood to prophesy when the wa'r.> broke, out that at the close of the year the total value of our foreign .trade would bo only 180 millions sterling, lees .than in, 1913, 120 millions less than'in 1912, and '44 millions less than in' 1911 ? These figures, large in themselves, are comparatively insignfticant compared with the vast, total of 1223 millions "which measures the. valuo of oversea commerce that has been'protected,by our fighting men and nurtured .by the enterprise of British merchants. 'Taking the years as a whole the total oversea trade was valued in 1911 at 1237 millions, in 1912 at 1343 millions, in 1913 at 1403 millions (the largest on record), and in 191-i-at .1223, millions.

■ The decrease in 1914, as . compared with 1913, was 180 millions, made up of 71, millions short on imports, 95 millions on' exports, and 14 millions or reexports. It should be remembered that the trade figures though including goods bought in the United .Kingdom on behalf of the Governments of the< Allies, do not include the value of the enormous shipments of ' our naval and military stores sent abroad on Government vessels. These goods, in time of peace, as in- time of war, are rightly excluded from accounts that are, designed to illustrate the course of international trade exchanges. Hut while raw material that may be worked up into war material usually" arrives through tile ordinary channels of commerce and consequently finds a place m tho trad6'.-records of imports,- the same cannot bo said 1 of the worked-up articles'.which'.'are 6ent abroad for Army and Navy use, and are not accounted mercantile export«..'> This, no' doubt, accounts for the fact that whereas imports are reduced by 71 millions, exports show the greater reduction of 95 millions.

The value of our trade with Germany during 1913 was about 141 millions and with Austria-Hungary millions sterling. The stoppage of trade with those countries has resulted int.-shrinkage-of 58 millions in our trade with Germany and 5J millions in our trade .with Aus-tria-Hungary, whilst the IO6S in trade with Turkey is not less than 1J million pounds, thus over one-third of -the decline in 1914 15 due to cessation of trade with' the countries with which we are at war. Before and Since the 'War. During the seven months preceding the war, compared with tha .same period of 1913, imports had declined in value .by £5,241,079,' home exports' by £4,357,025, and re-exports by, £264,588, or £9,862,692 on the total .trade-of the country. ■ In imports, food, drink, and tobacco had declined, by .£2,391,283 and raw materials by £4,338,834, (this being mainly due to the lower price - of rubber, which fell in value, by £4,200,000, whilst the quantity .was reduced by only 19,000 centals), articles wholly or mainly- manufactured advanced by £1,362,961, and miscellaneous articles by '£126,077. In British exports articles .wholly or mainly manufactured were re-

duced by £5,533,944', iron and steel being responsible for 3i millions, and electrical goods for £1,000,000; raw materials declined by £11,631. but food, drink, and tobacco were advanced by, £870,934, and miscellaneous articles by £317,616.

The more interesting figures are, of course, those relating to the fivo months during which we have been. < at war. In this period the value of our ti'ado was £420,937,692, as against £591,477,105 iii the five months of 1913, being a decrease of £170,539,413, equal to 28.8 per cent.; of this £66,061,000 is due to imports, £90,657,000 to exports of the produce and manufactures of the United Kingdom, and £13-821 ; 000 to reexports. . The shrinkage in imports is equal to 20.1 per cent., in exports to 41 per cent., and in re-exports to 32.7 per cent. It is only to be expected that our export trade would, owing to the many prohibitions and restrictions, be the greatest sufferer. It will perhaps ibe better to examine, here how far these decreases have been caused by the cessation of trade with enemy countries and to restricted trade with our Alließ. Talcing the shrinkage of 66 millions in imports, we find that the stoppage with Germany accounts for a shrinkage of 33$ million pounds and with AustriaHungary for a decline 9f 3 millions, whilst the import trade with our Allies, so far as shown by specified articles to those countries, fell in the case.of Russia by nearly 10 millions, in the case of Belgium by over 9 millions, and in the case of Prance by 2 millions; thus about 58 millions of the loss is due to the countries immediately affected by the war. In home exports the loss in shipments to Germany amounts to 17J millions, and to Austria-Hungary to 2 millions, whilst the shrinkage in shipments shown h'y specified articles to Russia amounted to 35 millions, to Belgium to 2 millions, and to France to 1, millions, making a total shortage of £1 millions to the belligerent countries. The Last Five. Months. The annexed table shows, for the last five months, the value of each of the classes of .imports and exports,-together with the increase or decrease as compared with'the corresponding period ot 1913. The., figures are in millions ot pounds. . " \ ;

Total value for five months. Re-exports (foreign and colonial inorchandisc)... 28.3 13.8 -317 In exports herrings account for 3j millions of tho declmo in Class I, coal | for 10i millions in Class 11, and in Class ..111, cotton manufactures fell by 231 millions, iron and steel by 9 millions, machinery by 7 millions, and woollen yarns and textiles by 61 millions. In imports higher prices prevailed in articles of food and drmk, sugar advanced in valuo by nearly 11 million pounds, but the quantity is only increased by about 2} milllion cwts., grain and flour advanced by 3i million pounds, and dead meat by nearly 3 millions; in raw materials cotton declined by nearly. 22J million pounds, and wood and timber by 'over oi millions; in manufactured articles the chief shrinkage is in iron and steel goods and textile manufactures. It is also of interest to see how far our trade with the other Scandinavian countries and the Netherlands has been affected during the five months. So far as articles are specified in the imports and exports, our imports from Sweden rose from £5,173,000 in 1913 to ,£5,699,000 in 1914, from Norway from £1,783,000 to £1,989,000, and from Denmark from £9,582,000 to £10,352,000, and .imports from the-Netherlands rose from £4,771,000 to £5,611,000. Our Lome exports to Sweden fell from £1,912,000 in 1913 to £1,631,000 in 1914, and to Denmark from £1,257,000 to £1,212,000, whilst exports to Norway rose from £902,000 in 1913 to £906,000 in 1914. Exports to the Netherlands fell from £3,041,000 to £1,742,000; The Year's Figures. (Tear ended December 31; figures in millions of pounds.)

.The tonnage of vessels entered with cargoes during the year was 43,148,339 tons, as against 49,064,233 tons in 1913, whilst the tonnage of vessels cleared outwards was 56,091,948 tons, as against 67,819,701 tons in 1913, but it must not be forgotten that the Government since he war has taken several of the big liners, the tonnage of which, as Government vessels, would not appear in the returns.

Kve Months (August to December, Both . , Inclusive). Imports v .. Five Inc. inc. • months, or dec. oTdec. ; ' . 1914. ' in 1914. Per .. £ £ ccnt. I. Food, drink, and ■ . • tobacco ■ 137.9 ■ +10.1 t '- j II. Kaw materials & articles mainly ■ unmanufactured 78.4 -41.0 — o'l.o III.- Article. , wholly . or mainly, nwnu- , facturcd 45.0 -34.5 -43.4 IV. Miscellaneous &. ■ ., _ .unclassified .... • .7 - .5 -44.7 Total-, value of -im-. ports for ,5 months 262.1 -66.8 -20.1 Exports (Produce and Manufactures of the | • United Kingdom). i.,-" /■ . Five ilnc. . Inc.' months, or dec, or dec. 1914. in 1914. Per : ' £ £ cent. ■ I; Food,-drink,-.and . • •• -. tobacco ......... 9.8 - 6.5 -39.9 II.'Knw materials & . ' articles, mainly ' .unmanufactured 16.3 -13.1 -44.5 III.'Articles wholly , ■ or mainly manufactured ■ 101.8 '-67.6 '-39.8 •IT. Miscellaneous & • ««■■■' • unclassified . .... 2.3 ■ —3.2 -58.1 Total value for five , ' months. "' Exports produce and manu-.: factures of the U.K. 130.3. • -90.6 • -41.0 Ee-Eiports (Foreign and. Colonial Produce). *.. Five " Inc. , .' Inc.-. months, or dec. ordec. ■/' 1914., in 1914. : Per. £ . £ cent.. I. Food, drink, .end ' .tobacco 7.4 + .5 '+ 7.9

II. flaw materials & Articles mainly unmanufactured. 13.3 -10.1 r_43.i III. Articles wholly or mainly manufactured 7.5 - C.l >35.3 IV. Miscellaneous & ■unclassified ... .03 - .05 -60.9

Imports. . Inc. or Inc. or Tear dec. dec. 1914.. in 1914. Per Class. £ ■ £ cent. ' I. Food, drink, end __ , tobacco 297.9 + 7.7 + 2.6 II. Raw materials & articles mainly • unmanufactured 236.4 '-45.3 ■ f—16.1 III.'Articles wholly or mainly mjanufactored 160.3 '-33.2 J—17.1 IV. Miscellaneous & . , unclassified .... 2.6 .4 -14.9 Total Talue o£ imports 697.4 - 71.3 - 9.2 Exports (Produce and Manufactures of the ' . . United Kingdom). 1 Inc. or Inc.or Tear dec. dec. 1914. in 1914. Per Class. - £ £ cent. I. Food, drink, and tobacco 26.9 '- 5.6 -17.3 II. Raw materials & •; articles mainly unmanufactured 56.7 '-13.1 -18.8 III. Articles wholly • or mainly roanu-' , ; .facturcd 338.1 -73.2 -17.7 IV. Miscellaneous &■ unclassified ... 8.4 - 2.9 . -25.9 Total Talue of exports (produce and manufactures of the U.K. 430.2 - 95.0 —18.0 Re-Exports (Foreign and Colonial Merchandise). , ' . '. • Inc. or Inc. or Tear dec. dec. - < 1914. in 1914. Per Class. £ £ cent, I. Food, drink, and ' tobacco ' 17.4 + 1.5 + 9.4 II. Raw materials & . articles mainly '""'unmanufactured 53.8 -10.1 —15.8 III. Articles ■ wholly ■ ... or mainly manu-. factored ' .24.0 - 5.3 —18.3 IV. Miscellaneous & unclassified .08 - .05 -38.0

Total value of Reexports {foreign & colonial mcrchen- I disc) : 95.4 -14.0 -12.6 Bullion end Specie. Inc. or. Inc. or Year dec. : dec. 1914. in 1914.» Per £ £ cent. Imports 62.5 -11.4 -15.4 Exports 41.4 - 20.6 - 33.3