According to the monthly Board of Trade Returns for the
foreign trade of the United Kingdom, which were published on Monday, the decline for July as compared with July of 1907 was 212,181,345. That is a very serious fall taken alone, but unfortunately the figures for the first seven months of the year show that it is only the worst symptom of a violent downward movement. The falling-off for the seven months as compared with the same period of last year is 258,563,338. This sum is made up of a decrease of 235,492,658 in imports and of 223,070,680 in exports. Of course the decline in trade is universal ; every country in the world will have to set to work to adapt itself to bad times. The only remark we have to make as to the position of Britain is that under our readily adaptable Free-trade system we should have faced appreciably less discomfort and inconvenience than Protectionist countries if the Government had not recklessly run up a bill which it is quite beyond the means of the country to meet on sound lines. That is indeed a bitter reflection.
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