SIR JOHN - SIMON AND A TARIFF [7'o ilid Editor of
the SPECTATOR.] Sni, In spite of his analytical mind, Sir John Simon has not yet discovered that the bulk of our imports consists of food- stuffs and raw material, which is the very lifeblood of our manufacturing centres. His extraordinary statement, that throughout our history it has been true that our exports pay for impOrts, but it is not going to be true this year, is very much like saying, twice two were four last year; but it is different now.
Sir John Simon is evidently carried away by the irresponsible statement that our imports this year to the end of August Were £553 million, and our exports were £262 million, the inference being that we are importing twice as many manu- factured goods as we are exporting.
Now, what are the facts by the Board of Trade returns ? Our imports of £553 million include £265 million of foodstuffs, the exclusion of which in this mite of an island means star- vation ; and £163 millions of absolutely raw material which creates employment. Deduct' these two items and instead of £553 million of foreign goods you have £125 million, the bulk of which, too, is semi-raw material essential to the manufactured goods of our export trade. Our import of finished goods which give no employment in this country is; comparatively, a mere bagatelle.
- ThiS trade excess of exports of manufactured goods over imports is quite in line with the Board of Trade returns for last year, which were as follows : Total imports 1930-21;034 million. Less foodstuffs, £475 million ; less raw material, £356 million ; total, £831 million, leaving £203 million against our exports of manufacture:I goods of £505 am, Sir, &c.,
Leadenhall Buildings, JAMES H. WEAGER. 1 Leadenhall Street, E.C. 3.
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