28 AUGUST 1926, Page 30


I agree with a correspondent who calls my attention to the ireportance of our invisible exports at a monment wh-en the visible exports are palpably falling off and occasioning a hiavy visible Adverse Trade Balance. This correspondent emphasizes the extent to which the services of certain sections of the commercial community undoubtedly contribute, to invisible exports, which, though not appearing in the Official Trade Returns, nevertheless contribute materially to the prosperity of • the British Empire. Conspicuously this is so, of course, in the case of the overseas carrying trade where when the freights are in British bottoms we are earning revenues just as much as in the case of income from our holdings of foreign investments. Much, undoubtedly, could lig done in this direction, therefore, if all patriotic British traders were to insist that, so far as possible, goods ore, which we exercise authority Should be carried in British vessels, * * * *- BANK AND INSURANCE " EXPORTS."