The Board of Trade returns for January seem en- couraging
at first sight ; later one suspects a forced optimism, and at the end there is no attempt to conceal a definite fear for the future. Although our exports for January, 1923, are worth less in monetary value than in January, 1921, yet the actual volume of our trade has expanded during the last. two years. And that in itself Is a matter for congratulation. But for the future there are two significant facts to be considered : (1) During last year, in spite of the depreciation of the mark, Germany purchased. goods to the value of £7,000,000 over and above the amount purchased by Canada; (2) Our imports from America last year were valued at £222,000,000 ; our exports to that country at £55,000,000. If, in consequence of future events in Europe, we lose all chance of regaining our European trade, where are we to make it up ? The Empire will not suffice, and as to America, how can she hope for effective repayments from us if, by her tariffs, she refuses to buy from us ? There can be no denial that, in spite of temporary alleviations, the outlook is a grave one.
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