THE TRADE BALANCE.
There are two main comments to be made upon the results of our foreign trade during 1934 as recorded in the official Board of Trade Returns. In so far as the gross, turnover is concerned, the figures are eminently satisfactory, Imports representing an increase of over £57,000,000 and the Exports an increase of over £30,000,000. This undoubtedly has meant more activity in trade and has doubtless contributed to the decrease in 'the numbers of unemployed. On the other hand, the advance in Imports has been much greater than the growth in Exports, and as a consequence the visible adverse balance of trade for the year of £285,000,000 was about £27,000,000 greater than the adverse balance for 1933. This increase in the adverse trade balance has its effect, of course, in weakening the sterling exchange, and is the more serious in view of the tendency for some of oui invisible exports, especially those in the shape of interest on our holding of foreign loans, to decline.
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