Tue Returns of the Board of Trade for August indionte that the long lane of depression seems to be coming to an end. The improvement in the aggregate of the values of trade was not very great, but it was in the right direction, and mainly in manufactured goods. The re-exports of foreign and colonial produce were also unusually large, being valued at £4,640,000, or close on £1,300,000 over those of August 1885, This will be some relief to all the produce markets in the United Kingdom, and coming as it did from a reviving Continental demand which had for a long time been all but absent, with the worst effect on the import trade, has led to the hope that bottom hast lastbeentouched, There was however nearly £500,000 decline on the value of re-exports over the whole eight mouths. 'I'he increases in the value of this branch of trade during August were £740,000 on wool £12,000, or 16,400 cwt., in cotton; £102,000, on ovffee; £67,000 on raw hides; £25,000 on raw silk; £30,000 on raw sugar and the balance, some £300,000 on unenumerated articles. Tu the exports, yarns and manufactured metals show an increase of £1,670,000, but there is a general falling off in all other articles, and this leaves a total increase of 1} per cent. on the whole mess of this description. This ie small enough, bat as a London cou-temporary, says "the country has been so long a stranger to anything bat cone tracted trade that it is very welcome and inspiriting." And another paper sums up its remarks on this portion of the Returns, by saying that "in manufactures of a textile nature and metals the revival of industrial activity la most pronounced alike in quantities and values." This encourages the hope that the productive industries of Great Britain are in a better condition and more active than they have been for a long time. Besides the evidence which the increased export of mauufactored goods supplies of an im. provement in matters at home, the larger demand for wool shows that the industries of the Continent must also be improving. And it would appear from what we find in the last numbers of Bradstreets' which have come to hand, that trade in the United States con. tinues to improve, if we may judge, as we think we may, by the returns of railway trafic, The earnings of forty-four railways daring the month of August were $17,984,688, aguinst $15,557,000 in the same month in 1885, and $16,062,909 in August, 1884, And in the eight months, from Tnnuary to August, inclusive, the earn ings of the same railways were $122,035,529, against $116,577,216 in 1885 and $120,049,578 in 1884, In other words, our New York oontemporary says, the increase in the earnings of the current year, up to let September, over the same period in the last two is two and a half times that of the increase over the corresponding period of 1884. At the same time it is to be noted that there was no great increase in exports from England to the United States in August, although the demand for various descriptions of iron and steel goods continued. decline of nearly a million and a half on imports during the mouth was chiefly in food and timber. The falling off in the value of the forme: is not altogether an unfavourable sign, as it shows that the country was able to got along with smaller foreign supplies. And it appears that the decline in the import of timber hus resulted from too large quantities having previously been sent to a dull market, which did not require them.
We are anforlunately without recent information as to French trade, but as regards that of Germany we have the following supplied to us by Kuhlow's Trade Review of the 8th September. "The official lists of the exports from and the imports into the German Customs Union are published for July and the months January-July. The exports are shown to have been very eatisfactory quantitatively in many articles, prices were the reverse, and that not withstaudinug a decreased production i come industries. This depression iv prices is the natural outcome of the enormous excess of supply over demand, and until a better adjustment is brought about, matters will not mend. We are aware that in many industries eudeayours are being made to conclude price conventions. "hose endeavours would be sensible enough if only they were accompanied by auxiliary efforts in the way of decreasing production, But while manufacturers refuse to reduce the supply of goods sent to the market it is impossible to expect that any advantage will accrue from ounventious for regulating prices, A temporary effect may be exerted, but it cannot Inst long, for prices are essentially dependent upon the relationship "of supply to demand, and nothing can overturn this principle. Though these returns are not all respects satisfactory they are very interesting in many ways. We seo from them, for instance, the grent efforts which are being made to extend the foreign markets of (his country. Especinily is this the cage with respect to the iron and steel industry, which counts Japan, China, Australin, British America, the Enst Indies, &v,, nuong its customers, The exports thither ace not large in amount, but emall beginnings should never be despised. The returns establish beyond possibility of doubt the prediction we ventured tu make at the close of last year, viz, that the worst of the long trade depree" sion from which we have been suffer~ ing had been passed, and that 1886 would prove to be a far more prosperous year than 188:
Text read from the printed page and cleaned; old type leaves the occasional error.