JULY RESULTS.
Certainly the figures of our foreign trade for July are far from inspiring. It is true that the visible adverse trade balance of about £22,500,000 is the smallest since June of last year, but that fact is quickly traceable to an exceptionally heavy decline in Imports. In the preceding month of June there was a great rush to avoid new duties and consequently almost :record figures of imports were established in some departments, and a reaction in the following month was only to be expected. Our Exports, however, showed a decline for the month of over £5,000,000, while the entire turnover of trade represented by Imports and Exports together was unusually small, so that the unsatisfactory figures of unemployment are by no means surprising.
A. W. K.
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