BRITAIN'S. FOREIGN TRADE

Dominion, Volume 12, Issue 264, 4 August 1919, Page 7

BRITAIN'S. FOREIGN TRADE

SOME IMPROVEMENTS

INTERESTING ANALYSIS

(By the City Editor of the "Morning . Post.") Tho analysis of tho details of the British Board of Trade returns for the month of May presents ; 6omo important features which deserve careful attention. And, indeed, tho point cannot bo too strongly emphasised that, now more perhaps than at any timo in our history, tho monthly trado figures constitute tho true barometer of financial and economic conditions in the country, in no direction, of course, has tho great sacritico made by this country in its defence of civilisation ' been. greater than in the extent to which we havo had to incur- indebtedness abroad, while, by renson of our depleted man-power and the transfer of productive plant and machinery to war uses, wo havo been unable to settle our indebtedness abroad , through the usual exchange of goods and services. In other words, our imports havo gone up by leaps and bounds and our exports havo fallen. It is gratifying, therefore, to be able to record that the moderate improvement which 6et in a few months ago . has made further progress during tho ' past month. This will be seen from the following table; briefly summarising tho position:— ■May, May, Increasoor 1918. . 1919. Decrease. £ £ £ p.c. Imports 125,907,234133,657.051 - + 9,749,767 7.7 British „, . exportß 44,967,221 64,344,542 +19,377,321 43.1 lie-ex-ports • 3,400,208 11,495.442 + 8,095,234 238.1 Total export 48,367,429 75,839,964 +27,472,555 56.9 Excess of imports 77,516,152 59,817,067 -17,699,085 22.8 From tho foregoing it- will be seen that whereas the imports for the month increased by just under ten millions, thero was a total advance in exports of more than ,£27,000,000, and this is tho moro noteworthy when it is remembered that on the whole the general level of prices . of commodities was under rather than over that of a twelvemonth ago.

Increased Exports. Moreover, a closer examination tends to emphasise the satisfactory character of tho figures. Thus, in the case of imports it will be noted that in foodstuffs ' and manufactured articles there has been quite a substantial decline, and the whole of the expansion is traceable to raw materials—in other ■ words, to preparations for manufacturing activities here. And this is borne out by tho exports themselves, where there is an increase in tho articles nianufajtured and sent abroad of over twelve millions: Imports. May, May, Increase or 1918. 1919. Decrease. £ £ £ p.c. ' Food, drink, , and tobacco 70,211,306 62,044,080 -7,367,226 10.5 Eawmaot«! a '!.'. 30,668,560 63,297,190 +23,626,630 73.9 Manufactures 24.483,939 18,827,622 - 6,656,417 23.1 Exports. Food, drink, and tobacco 1,105,886, 3,222,440 +2,116.554192.3 liaw materials, etc. ... 5,043,722 10,460,978 + 5.417,256108.3 Manufactures 37,227,938 49,5f2,489 +12,334,551 33.1 Tho final short table which follows should be carefully noted, for while it shows that for the first five jnontns of the current year there has been substantial improvement when compared with a year ago, the position is still a serious one In other words in spite of the virtual cessation of the war, such is our . continued shortage of foodstuffs, raw materials', 'and manufactured, articles,'. and so slow is tho return to industrial activities, that 1 even for five months our • imports have exceeded our exports by 282 millions. This will bo seen from tho following statement:— 5 months cndedMay, Increase or 1918. 1919. Decrease. £ £ ■ £ P.O. Imports 651,036,397 695,231,540 +44, MM« M. exports 201,806,418 270,192,911' +63,386,493 33.9 ' Sports 14,663,384 43,471,091 +28,807,707194.6 Mports 216,469,802 313,664,002 +97,194,200 44.9 imK f 534,566,595 281,567,633 -52,999,057 15.8 ' The Need for Effort. True, thisis a better position than a year ago by about 53 millions, but it means that so far from making a start in the repayment of our external indebtedness, we are piling up each month iv fresh debt through our adverse trado balance. When these truths are really grasped by tho wage-earners of the country, we may perhaps see tome moderating of the constant demands for shorter hours of labour and higher pay Mut tho wage-earner is not in the habit ot studying Board of Trade returns, and » long as the Government wiueh mows tno position well enough,, prefers to give a. ready ear to Labours demands rather than to proclaim tho urgent nod tor increased production, bo long 'wul there be cau'e for disquietude as to the financial" and economic position ot the country. Still, the slight' improvement miring the last few month:, is welcome enough, and it should serve hi show tne direction in winch prosperity can bo regained when the whole oation i a b makes up its mind to ov.sU.-c nj increased labour the years which have icon ravaged by the war.

The Welsh are tbe smallest people in Great Britain, and the Scots ot Galloway are the biggest, said Professor Arthur Keith, in a lechire. So great was the difference between the Welshman and too Soot) that it was dear they came originally from a dilterent stock, head of the Welshman tended to Uo •on d typo, while the heads of the Scotis" peope tended to the long type The Wels, people were of a deeper "toter complexion than the Scottisb.whop i h the exception of the inhabitant* of o west »n<t central regions-were the f.nnst neople in the island: • As to rue oHdn of tho two races, Professor Keith sad the Welsh were of the Mediterranean or•River Heel type. The-western boots ho believed to be of Nordic origin. The remarkable results obtained at Cor„ril University by teeping chickci coo ps lit up during the night, will, interest poiilt Si H-i. There diet experiments have teen Carried out, a certain number of glass of wine per head, «bi,o a t miliar number had no wine. .In Uie icaults Ho hens that had tlio wino produced in i.ive. period nearly t 'Mveii times us mam- egg. as the teetotal hens, and the of tho winisbibboß were said to bo cFsuperior quality. (Tlio cable news in this issue accredited to tho London "Tiuieß" has appeared in tint inumal. but only whero expressly Jwed'to S news the editorial opinion of Uio "Times.")