. .UNFAVOURABLE TRADE FIGURES.
And; if evidence Were required of the necessity -for an improVeinent in the industrial position of the ,country . as a whole, it is undoubtedly furnished by the Board of Trade Returns just published, showing the results not Only for December, but for the entire year. The actual figures, for December may pass for the moment without comment inasmuch as they are entirely consistent with the tendency displayed during each of the preceding eleven months. The net result, however, of our foreign trade for the yeai is that while the Value of imports has increased by about 45,000,000, exports have - declined by 118,000,000. Moreover, the visible excess of imports over exports for the year is no less than £895,000,000 which slid-Ws an increase in the visible adverse trade balance forithe year of £59,000,000 com- pared with .1924 _and of no less than £185,000,000 when compared with the resultS for 1928. It can be admitted at once-that there are one or two special features of the Returns to be borne in mind. Primarily, of course, our imports have been affected by the very high price of rubber, While-the good effect produced upon our economic position by that fact as affecting our exports is not fully shown in the Returns beeause much of the rubber goes direct from the estates to America and other countries.
Also it can be recognized that in place of a heavy decline in exports for the year there would have been a small increase but for the shrinkage of no less than £22,000,000 in the yalue of Our exports of coal. On the other hand, however,. when considering these mitigating factors and all that is comprehended in those mystic " invisible exports," it must not be forgotten that the revenue from shipping freights has probably been smaller than a year ago, while, as against our income from foreign investments, has now to be set the service on our Debt to the United States.
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