Exports Down
The Board of Trade, actuated no doubt by a laudable sense of continuity, can be relied upon to show that the overseas trade figures are neither as good nor as bad as they seem. Consequently, when the September export figures showed a fall for the second month in succession, it was inevitable that it should be pointed out that in the third quarter of 1946 exports were slightly higher than in the second quarter and substantially higher than in the first, and that October will probably show a big improvement. But that does not alter the fact that two months have been lost in the race to take advantage of a clamant world demand, and that the attainment of the goal of a 75 per cent. increase of exports over the pre-war volume looks more difficult than ever. Nor is the fact of any comforohat imports also fell in September, thus slightly reducing Britain s visible adverse balance of payments. For the 75 per cent. increase is only possible at all if world trade as a whole is vastly expanded. Even a large volume of imports has a silver lining. In fact it has two silver linings, for besides demonstrating the buoyancy of trade in general it bears a promise of more goods for the home market. It is of course ungrateful to complain about the Board of Trade's sober and responsible statistical commentaries. But they might bring a little more attention to the comparison of present performance with future objectives as well as with past history.
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