THE REVIVAL OF ENGLISH TRADE.

Globe, Volume XXII, Issue 1863, 12 February 1880, Page 3

THE REVIVAL OF ENGLISH TRADE.

Tho “ Times ” remarks that the trade and navigation returns for November are to the superficial view very remarkable. There is a great, an almost unprecedented increase in the imporls of 33 7 per cent., and the exports have also risen 68pt r cent. In round figures the exports and imports together show a total value of £51,395,000 for last month as compared with £41,646,000 in November last year, an increase of close upon £10,000,000. This is a remarkable result, and would at first sight appear to justify to the fullest extent the confident anticipations of late current about a great trade revival. At this rate of progress the trade of the United Kingdom would by this time next year reach a higher point than any ever touched before. It is, however, necessary to refrain from expressing too unqualified satisfaction with these returns, for there are several material drawbacks which deserve to be taken into account. In the first place, the enormous increase in the imports last month as compared with November, 1878, is to a considerable extent due to tho fact that last year’s figures showed the exceptionally large decrease of over 19 per cent, on those of November, 1877. The smaller increase on the export side of the account is likewise little more than a recovery of the loss shown last year. Hence the total import and export figures of last month only exhibit an increase of about £2,790,000 on these of November, 1877. But this point is, after all, of mere secondary importance. Were a recovery really begun, it should be hailed with all the more satisfaction that previous years had been depressed. A consideration of much more importance is found in the fact, visible enough in the detailed figures given below, that part of tho increase in the value of our imports last month was due to enhanced prices, while the small increase in the value of our exports is obtained to some extent in spite of still falling prices We are thus in the unsatisfactory position ot having to pay higher for what we buy, at the same time that we obtain less for what we sell. The great advance which has taken place in many leading de sses of goods exported by us has not yet made its appearance in these returns. Oa the contrary, we find that the augmented sales of iron, coal, cotton, piece goods, juto yarn, wool, and woollen yarn, &o, have been effected at prices still lower than those current a year ago. In few instances do the values of our exports show a tendency to rise. At the same time the lisa in nearly every leading article imported is striking. Corn is, of course, much dearer, and so are most articles of consumption, causing, therefore, a greatly increased expense of living. Most raw materials are also much dearer when the comparative slackness of the demand is considered. Cotton, for instance, and jute, hides, tanned or raw, copper, seeds, tallow, and stearine are all higher in price, and the fall in wool, flax, and hemp is slight. _ Facts like these should temper any feeling of exultation on the part of the trading public. Another month or two may adjust tho anomalies now visible, but at the present they are conspicuous enough, and point to an economic situation by no means favorable to rapid or permanent trade expansion. On the one hand we have the cost of living enhanced considerably, t herefore probably necessitating the payment of higher wages ; and on the other we have increased cost of raw materials and low prices for mscuf-jctured goods, necessitating a still further reduction in the cost of production, it our selling power is to continue unimpaired. Future returns will therefore be looked forward to with very great interest to see whether the existing anomalies of the trade account show signs of disappearing.