Improved Foreign Trade Mr. Runciman was justified in looking on
the bright side of things when he spoke at the Mansion House dinner last Monday in celebration of the opening of the British Industries Fair. For whilst in 190 the main economic improvement in this country was in domestic trade, exports increasing only by £3,000,000, during 193 L exports increased by the substantial total of £30,000,000 over that of the previous year and figures published since by the Board of Trade show an estimated adverse balance for 1934 of no more than £1,000,000. In spite of continued world depression our manufacturers have recovered some of the ground lost in foreign markets. That recovery has gone further here than elsewhere is shown by the fact that we have regained our position as the first exporting country in the world.. But it should be remembered that our supremacy is measured by the relative failure of other countries to export their goods. How that affects us may be judged from the ease of Italy. An adverse balance of trade in 1934 his compelled Italy to restrict her imports, and the effect of the new system of import licences just announced will be a reduction in imports of British goods varying from 10 to 35 per cent. Till trade restrictions are reduced instead of increased there can be no real recovery. Some one must begin the process.
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