There were many Japanese business men who anticipated with uneasy confidence a considerable slump in trade on the cessation of hostilities, and figures now to hand show that the expected adverse balance of trade has to be recorded, though plausible reasons are adduced for the contention that Y.90,000,000 excess of imports over exports at the end of November gives no ground for alarm. The country's exports during the eleven months under notice totalled Y.1,822,000,- 000, and the imports Y.1,947,280,000, the excess of imports amounting to Y.195,000,000. Tt has been estimated that this latter figure would be reduced by over Y.30,000,000 during December, thus bringing' the total excess of imports for the year down to about Y.90,000,000. It is noted that exports decreased quantity tively, but have increased in value, which increase has itself affected quantities. Another reason given for the reduction in exports is that home consumption has increased as a result of the peop'b's greater purchasing power. A favourable factor is that the increased imports have been composed of larger quantities of raw material for Japanese_ manufacturers, while such unfinished products as iron rods, lates. rails. ete. have decreased in quantity owing to the development of the Japanese iron industry. Compared with last year. exports show an increase of Y.67,633.767, and imports an increase of Y.444.- 072,178, but the Latter total is not regarded with undue pessimism. particularly in view of the antici-nation that for some time to come Eurone must continue to be a large buyer.
Text read from the printed page and cleaned; old type leaves the occasional error.