THE ADVERSE BALANCE.
Lest there should be a tendency to exult prematurely over the moderate improvement in the November figures, it may be well to note that in spite of the increase in exports and the decline in imports, there was none the less a visible adverse balance for the month of £26,000,000, while for the first eleven months of the year the total visible adverse balance was no less than £851,000,000. It is true that this adverse balance was exceeded a year ago—owing to the coal stoppage—by some £62,000,000 ; but on the other hand the present adverse balance is greater by £9,450,000 than the total for the_first eleven months of 1925. We have a very long way to go yet before the figures of our export trade give ground for real satisfaction, and the point is the more -serious because of the growth in the population occasioning an ever-increasing demand for unported foodstuffs, though in that particular connexion the situation is relieved to some extent by the fall is prices during the past two years.
Airrn in W. KIDDY.
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