SLOW AND UNSURE
BRITAIN'S overseas trade made disappointing' progress in November..The trade deficit worsened appreciably, under- lining the regrettable fact that the authorities are trying to get through present difficulties with a quite inadequate margin of safety in hand. There is little sign yet that the various measures taken this year by the Government are having much success in cutting down imports or expanding exports. High activity. good Orotits and long order books are found everywhere in manufacturing industry. Big plans for new factories and offices are still going ahead. Naturally this leaves less time and energy over to attend to the export trade, and increases industry's appetite for raw materials from abroad.
The quarterly survey of where money lent by the banks goes to, which has just been published, also makes it clear that the `squeeze' on credit is not very drastic so far. The signs are that the Government will have to keep up the pressure well into the New Year before the control of credit becomes really effective.
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