12 NOVEMBER 1910, Page 3

The October Trade Returns show that the rise continues. As

compared with October, 1909, the value of imports has risen £5,405,936; of exports £3,760,454; and of re-exports £398,538. So far as such statistics can be trusted, they are undoubtedly very satisfactory. But it must be borne in mind that a part at /east of the increase may be due to a general rise in prices caused by the depreciation of gold. In other words, the increase in the trade figures might be due, not to any increase in the material volume of trade—i e., of tons of goods brought into or taken out of the country—but merely to the rise in prices. Probably in the present ease the rise has been due both to an increase in prices and to a real increase in the volume of trade measured in tons.