BRITAIN'S OVERSEAS TRADE

Dominion, Volume 12, Issue 149, 19 March 1919, Page 6

BRITAIN'S OVERSEAS TRADE

Some idea of the leeway which Britain has to make up in the matter of overseas trade can he gathered from the Board of Trade returns for 1918, now to hand. The excess of imports over exports under war conditions has grown to an extent that must occasion serious concern to all who give any thought to the enormous liabilities the nation has piled up during the past few years. In 1914 the imports totalled £696,635,113, and the exports amounted to £526,195,523, the import balance thus being over £170,000,000. In 1918 the imports had nearly doubled in value those of 19M; that is to say, they had reached the huge sum of £1,319,338,691, while the exports had practically remained at the same value as in 19M, being, in fact, £52f),429,09-l, this sum including reexports. The import balance in 1918 was therefore over £780,000,000, as against £170,000,000 four years ago. But the position actually is worse than here disclosed, for in 1911 Britain was a large creditor nation, British capital being widely invested in outside securities, whereas to-day a largo part of these securities have been sold or pledged to meet war demands. Discussing the fipircs for the past year, The Mconomid summed up the salient fact of the situation with clearness and force in the following sentence: "In the past year we (Britain) had an adverse trade balance of £789,-909,-IS7, every penny of which—in so far as it is not reduced by 'invisible' exports, such as shipping service, insurance; etc.—has to be liquidated by borrowing abroad, by sales of securities abroad, or by shipments of bullion." Tho figures quoted serve to emphasise the vital importance of_ a speedy readjustment of industrial conditions in the Motherland, and above all the necessity for increasing production to the utmost possible limits. The prevailing labour unrest is crippling production and impoverishing the whole nation, and to all appearances no solution for this unfortunate state of affairs is yet in sight.