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* * * * 154 Sir Philip Cunliffe-Lister has calculated

that the favourable balance on British .overseas trade for the year should be about R96,000,000. Every year it is discovered that not enough allowance has been made in the past for " invisible exports." It is, of course, difficult 157 to trace them in their entirety, but they were evidently so 159 much larger than used to be supposed that the apparently 160 great adverse balance of imports over exports was quite misleading. Perhaps Sir Philip has made no mistake this time ; his figure is certainly daring. He has also stated that there are 1,160,000 more people at work in this country than five years ago.

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