20 JANUARY 1933, Page 38

Is TRADE IMPROVING ?

I fmd a fairly general consensus of opinion in banking quarters that there arc growing signs of some slight improve- ment in trade, and to some extent the impression is strength- ened by the character of the official returns of our Foreign Trade for the month of December. As compared with the previous month the position showed improvement and the visible adverse trade balance for December was only £24,000,000 as compared with about £40,000,000 in December . of last year. For the entire twelve months the visible adverse balance was £287,000,000, as compared with about £407,000,000 for the whole of 1931. Unfortunately, however, there is only too much reason to fear that -mrt invisible exports in the shape of freights and interest. on our holding of foreign debts have greatly diminished duriPg the year, so that it remains to be seen whether the real trade balance comes out on the right side.

• * • *