19 AUGUST 1922, Page 3

The trade returns for July were apparently encouraging. The exports,

valued at £60,418,626, were 15 per cent. higher than in June and 40 per cent, higher than in July, 1921, when the disastrous miners' strike had paralysed industry. The imports, valued at £81,783,534, were 3 per cent. lower than in June and 1.5 per cent. higher than a year ago. The re-exports, valued at £8,316,638, were 4.6 per cent. lower than in June and 11 per cent. lower than in July, 1921. For the first seven months of this year, however, the exports showed neither gain nor loss as compared with 1921, while the imports declined by 12 per cent. and re-exports rose by 8 per cent. The position is no worse, but it is not appreciably better, and the revival of trade is yet to come.