10 JANUARY 1914, Page 2

The Board of Trade Returns for the year ended December

31st, 1913, surpass all previous records both in imports and exports. The gross imports are valued at £769,000,000, of which £110,000,009 were re-exported, while we exported produce and manufactures of British origin to the value of £525,000,000, or nearly double the amount exported ten years ago. The greatest expansion in exports has been under the head of manufactured goods, but even allowing for the increased scale of prices there has been a growth in the volume of our industry in almost every branch. Tariff Reformers have no test left which can bring them any comfort except that of the proportionate rate of increase as compared with other countries, and even here there is no great ground for dissatisfaction.