[To THE EDITOR OP THE "SPECTATOR:1
Sin,—In accounting for the large excess of imports into the United Kingdom over its exports, should we not consider the profits made by large business houses with foreign branches ? The senior partners of these firms invariably live in England, and draw their profits here. I am myself senior partner in a concern with branches in America and South Africa, and my share of the profits made by these affiliated houses in their trading, not only with the United Kingdom but in other parts of the world, as well as internally in the countries in which they are placed, comes to me here, and here is invested or spent. The same applies to hundreds of similar firms, and in the aggregate surely accounts for millions annually of the excess of imports over exports. A similar state of things exists in no other nation ; it cannot be alleged that there is any considerable set-off in foreign houses with subsidiary
branches here drawing anything like the same amount to senior partners resident elsewhere.—I am, Sir, &c., MERCHANT.
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