The Board of Trade Returns for September, issued on Monday,

show, like those for August, an increase in exports, while imports have been practically stationary. The volume of foreign trade for the nine months is thus shown in the con- venient condensed table of the Westminster Gazette :- INCREASE ( ) OR DECREASE ( — ) FOR 1907 COMPARED WITH 1906 (IN MILLION ..t).

Imports. Re-exports. Imports Retained.

Exports (British Produce).

I. Food, Drink, and Tobacco + 2/ ... + + 2 3 ...

+ 1.4

II. Raw Materials and Articles mainly unmanufuctured

+ 29.6 + 7.8 + 22.4

+ III. Articles wholly or mainly

manufactured ...

4- 11

- 1-9 ...

+ 31 IV. Miscellaneous

+ •5

+ 321

+ 9.3 + 22.8 + 411 As the Westminster Gazette points out, if we applied the original test of the Tariff Reformers—viz., that exports were the index of national trade prosperity—they would have no ground for• complaint. But that is ex hypothesi impossible, so, with that cbameleonic capacity for shifting their• ground which has marked their conduct of the controversy all along, they have invented a new theory,—that the increase in exports only means so much more investment of English money abroad.