19 APRIL 1935, Page 2

Trade Returns If we judged the condition of our foreign

trade by exports alone, the trade returns both for the month of March and for the first quarter of the year would indicate that last year's improvement is continuing. During the quarter the value of exports increased by more than £10,000,000 as compared with the same period last year. But imports of raw materials point to advance orders for our manufactured goods and so to exports later on. The imports for the first quarter showed a falling off of £5,000,000, mostly in respect of raw materials ; but the decrease can be accounted for in the main by the drop in the price of wool. If a large increase in exports cannot be looked for in the next few months, it is probable • that last year's improvement will at least be maintained.