TEN MONTHS' TRADE

Evening Post, Volume CXIV, Issue 123, 21 November 1932, Page 9

TEN MONTHS' TRADE

CAN BRITAIN PAY U.S.A. ?

IMPRESSIVE FIGURES

United Press Association—By Electric Telecraph—Copyright. '" LONDON, 20th November.

The ■ past ten months' trade figures suggest that Britain is likely to 'be faced with a heavier adverse balance than last year.

The "Financial News" estimates that an excess of imports of merchandise totalling £330,000,000 will be partly offset by invisible exports, including shipping, income from overseas investments, and commissions, totalling £240,000,000. The adverse balance is thus likely to be £90,000,000 compared with £ 75,000,000 in 1931. "The figures^reveal the impossibility of regular resumption of American debt payments," the paper adds. "The uncertainty; in this connection has depressed the markets all the week, and caused a renewal of the fall of sterling. The December payment equals four years' British exports to the United iStates."

The "Economist" suggests that existing obligations should be replaced hy a fresh issue of bonds of limited amount which debtor Governments could safely float in. America'involving a reduction, in war debts equivalent to the Lausanne 'reparations annuities. The paper adds: "American financiers, administrators, and Press realise the impossible position. The public alone refuses to face realities." ■'