The Board of Trade Returns for the month of August
con- stitute a record both as regards exports and imports. Imports show an increase over those in August last year of over two millions, while the exports are larger by close on four millions. What makes the export figures specially memorable is that the increase is in manufactured articles, and in those very trades which we were assured by Mr. Chamberlain were dying. For example, the -greatest increase of all is shown hi the "export of iron and steel and other Manufactures thereof." Machinery also shows a very considerable increase Over last year. The export of new ships, on the ,other hand, has decreased, so that the pessimists have no excuse for saying that ships are the one thing in which we can still compete with the rest of the world. We note, not without amusement, that the Tariff Reformers are inclined to minimise the sig- nificance of the figures by declaring that Germany and America are also very prosperous, and that we are only able to send them manufactured iron and steel because the demand is so great in their home markets that they cannot supply it themselves. We have no doubt that the prosperity in America, Germany, and elsewhere on the Continent is one of the causes, if not the chief cause, of our increasing prosperity. Trade is always a mutual benefit. It is. indeed impossible for any country to be prosperous without others sharing in the prosperity. On the other hand, if the prosperity of foreign nations declines, so must ours. No shop can do well when its customers have to retrench.
Previous page
