; Prices Down to Level Before the Coal Stoppage: Adjustment of Costs The monthly review of British trade by Barclay's Bank, Ld., for January states:
Although the adverse balance of trade in November was higher than in the preceding month, an analysis of the detailed figures confirms the impression that the slight progress recently noticeable is being continued. Exports, which exceeded by more than £20,600,060 the total in July—the month immediately following the coal stoppage—were fractionally higher than in October, while the increase of £4,500,000 in imports \is fully explained by heavy seasonal arrivals of raw cotton, valued at £13,500,000, compared with £5,500,000 in the -previous month, It must also be remembered that, during the year, prices have shown an almost uninterrupted decline, and the fact that, in spite of the lower values, the trade figures have now nearly approached the level ruling immediately prior to the coal stoppage, suggests that the volume of trade is gradually developing.
In spite of certain encouraging factors, however, the trade im provement remains very slight, and there are many disquieting features in the situation. For the 11 months of the current year, our adverse balance amounts to £360,000,000, compared with £116,- 000,000 for the corresponding period in 1913, and, in view of the depression in the freight market, it is at least doubtful whether this balance is covered by invisible exports, while, on the other hand, interest on our debt to the United States, provision for which 1s te be made during the forthcoming year, amounts approximately te £50,000,- 000 per annum.
Although foreign competition has seriously affected the iron and steel industry, it is satisfactory to note that recent adjustments in costs of production are making British quotations more effective, with the result that, while in January last the exports of iron and steel from the United States were considerably more than double those from this country, our figures since August last have been higher than those oF the United States.
Text read from the printed page and cleaned; old type leaves the occasional error.