TRADE LN MARCH.
When allowance is made for the many restrictions adversely affecting international trade, the figures of our Trade and Navigation Returns for the month of March must, I think, be regarded as satisfactory. The value of imports as com- pared with the same month of last year rose by £5,618,000, and exports increased by £2,166,000. Up to a point, it is, of course, encouraging to note the expansion in the arrivals of raw materials such as wood and timber and cotton. It .would, however, be more satisfactory, especially so far as cotton is concerned, if there were clearer signs of trade activity being less of an internal character. Unfortunately, however, while the imports of raw cotton continue to advance, there is a steady decline in the exports of our cotton goods. Moreover, owing to this increase in imports, the visible adverse trade balance tends _to grow, the adverse balance for the first three months of this year being now over £74,000,000, which is more than £17,000,000 in excess of the figure for the same period of last year.
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