The January trade returns testified to a genuine revival of
commerce and industry, despite the pessimists. Our imports were valued at £183,500,000, our exports at £105,750,000, and our re-exports at £25,500,000. The adverse balance was thus £52,000,000. On the other hand, a comparison with January, 1919, showed that, while our imports had increased in value by 36 per cent., our exports had increased by 123 per cent. We received more foodstuffs and raw materials, but we exported more manufactured goods and coal. The cotton exports, for example, increased by 60 per cent. in quantity as compared with the previous January. The woollen exports were doubled, and the iron and steel exports were half as large again. if we con- tinue to increase our exports at this rate, wo shall soon redress the balance of trade, restore the value of the sovereign, and bring down the price of imported food. There is no other remedy for dear living save hard work.