The trade returns for May are encouraging. The exports, valued
at £119,000,000, show an increase of £13,000,000 over April, whereas the imports, valued at £06,000,000, are nearly a million less, and the re-exports, valued at £20,000,000, are also stationary. The excess of imports over exports, amounting to £27,000,000, is the smallest recorded since the war, and is doubt- less more than covered by the " invisible exports " in the shape of our shipping and insurance services. If the imports do not increase and the exports grow larger, the adverse American exchange will.move in our favour and prices will tend to decline. It may be noted that our exports of cotton piece-goods. in May were valued at £30,000,000. The figure illustrates the importance of the cotton industry to the national welfare.