Aug. 20.
An interesting review of Britain's trade position was given shortly before Parliament rose in July, by Mr Walter Runciman, President of the Board of Trade, which, while it revealed nothing In the nature of sensational im= provement, was sufficient to support the contention of the speaker that the figures "showed a tend-fancy in the right direction." Exports during the first half of the year amounted to £190,000,000—a Fise of £15,000,000—as compared with the similar period of 1933, while, simultaneously imports had Increased from £320,000,000 to. £362,000,000. On visible trade that, of course, represented an increase in the adverse trade balance, Dut it is safe to assume that, as in past years, a great deal of that, it not all,' can be accounted for.
{in invisible exports the full value of which it is not always easy to assess. In articles wholly, or mainly manu factured imports' had risen from £71,000,000 to £85,000,000 and exports from £135,000,000 to £146,- 00,000, but whether exports were taken as a whole, or merely those classified as above there had been unmistakable improvement, while of the increase of £14,000,- 000 in imports, that was mainly fu goods which required further pro-leessing in Britain, or which could not be made domestically. When some of the principal export trades ame to be considered, it was found that there had been a notable increase in woollens and worsteds, }which were about £3,000,000 better than for the same period last. year. The exports of machinery had gone up by £2,000,000 and non-ferrous metals and manufactures had increased by about a million. Again, not sensational Agures but sufficient to show the upward tendency, which because it is somewhat slow in development may turn out to be much stronger than would otherwise be the case.
The outlook with regard to the cotton trade was not so promising. Indeed there is little prospect of immediate improvement. For the frst six months of the year £29,- 000,000 business had been done, as against approximately £29,500,000 for the same period of last year. Such figures are by no means satisfactory and have given rise to great deal of discussion, examination and thought in Lancashire as well as in London, and it can only be hoped that the schemes which fare at present being examined in
Text read from the printed page and cleaned; old type leaves the occasional error.