The trade returns published last Saturday tell their own tale.
In the last seven months we imported goods to the value of nearly £870,000,000, while our exports and re-exports were valued at £467,000,000. The year before the war our imports exceeded our exports in value by only £134,000,000. This year, unless conditions alter rapidly, our imports will exceed our exports in value by nearly £700,000,000. In 1913 the excess of imports represented the interest on our foreign investments. This year the excess of imports must be paid for, as our foreign investments were sold during the war. In 1913 we exported coal to the value of £53,000,000, in return for foodstuffs, raw materials, and luxuries. This year we shall be fortunate if we do not have to import coal for our own needs. The results of the first week's working with a nominal seven-hours day, up to July 26th, were given in Monday's Daily Mail. The total output of coal was barely half that of the last m eek in June. Even in the districts unaffected by strikes, the output declined on an average by fifteen or twenty per cent. Mr. Justice Sankey assumed that it would decline by no more than ten per cent., as the miners, he thought, would work harder. His assumption is not borne out by the facts. We can only hope that, with the cessation of the strike fever, the miners will do better. But their output under the nominal eight-hours day was insufficient to meet the demand.
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