THE DISPARITY IN OUR IMPORTS AND EXPORTS. [TO THE EDITOR
OF THE "SPECTATOR."] SIR,—There is one point in connection with the growing dis- parity in the values of our imports and exports which I have not yet seen discussed. Our exports decrease while the amount of British capital invested abroad steadily rises. Does not this suggest that in an increasing degree we are able to satisfy our requirements without effort,—without actually making and sending goods out of the country in payment? The things we want come to us more and more by way of return for money lent. As a nation we are in the position of an individual rich enough to maintain himself without taxing to the full his powers of labour. According to this theory, it may be said, a time will come when we shall cease to find it necessary to manufacture altogether. That conceivably is possible, just as it is possible for the individual to reach a position of absolute ease. And remember the amount of capital available for investment abroad, the result of our trade in the newer markets of the world, including our Colonies, is still increasing by leaps and bounds, as is proved by the Revenue Returns. Already, I would point out, there is probably a greater proportion of people living retired in this England of Ours than in any other country in the world, from the multi-millionaire down to the man who has just sufficient money accumulated to satisfy his daily wants. In conclusion, I suggest that my theory is supported by the striking fact that the greatest falling off in our exports is to those countries where the greatest amount of British capital is in- vested. Probably a great deal more of our money is invested in America than in any other country in the world. As a consequence, it is our export trade with America that shows
the greatest decline.—I am, Sir, &c., F. R. C.
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