AlthoUgh the Trade Returns for June are the reverse of
satisfaetqry, the position disclosed is in softie , resppits rather better than might haVe been feared. The imports certainly„
declined by £13,480,000 and exports by £8,633,000, but there were special circumstances operating which have to be con- sidered. As regards imports, for example, there was a drop of no less than £7,000,000 under the, head of manufactures of silk and other textile materials which was due to comparison being made with• exceptionally heavy figures in June of last year, when there was a rush to clear imports before the opera- tion of new duties on July 1st. Again, as regards the decline in exports, it has to be remembered that about £4,000,000 came under the head of coal where, of course, all exports have been prohibited in view of the stoppage of out- put. For the first half of the year, however, some idea of the total decline in the turnover of trade may be gathered from the fact that imports and exports arc down £75,000,000 and £65,000,000 respectively, so that, making all allowance for the effect of lower prices, there is a clear reflection of intense trade depression. A redeeming feature is that owing to the great decline in imports, the actual visible adverse trade balance for the six months of just under £200,000,000 is rather better than for the first half of last year.
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