BRITISH PROSPERITY.

Press, Volume LXIV, Issue 13009, 10 January 1908, Page 7

BRITISH PROSPERITY.

BOARD OF TRADE RETURNS. Unitoll Press Association— Hy Electrio Telegraph—Copyright. LOXDON, January 8. The Board of Trade, returns showthat last year's trado totalled £1,101,031,000. Tho imports increased by £38,01.3,676 ever those of 1906, tho exports increased by ii50,G29,208, and the re-exports by £6.809,661. Sir Felix Schuster, governor of the Union Bank of London, in. his presidential uddre.ss to tJie Institute of Bankers ot tho I/ondon Institute a few weeks ago. gave a gravo warning of signs of a reaction in trade. After referring to the crisis in America, ho said:—"'As for this country, while we may congratulate ourselves that tho condition of trado is, on the who!©, satisfactory and the general position sound, we- cannot forget that such high rates for money as we have witnessed lately must be injurious to trade, and must also to fotiio extent put to the test our position as tho great, monetary centre of tho world —-a jvositiou which indeed involves responsibilities and perhaps but to maintain which no sacrifice would bt< t<7o great. Tho indications point to restriction rather than expansion, not only in this country, but all over the world. _ A period of extraordinary activity is invariably, followed by n reaction, and signs ero not wanting that such a reaction is at! hand. It is apparent that tJie development of trado hes proceeded at somewhat too rapid a pace, and that available capital hn.s not arloquato to meet the demand* rrmJo simnlta.neously from so many quarters. I refer especially io railway construction and improvement. «uid olpctnVal undertakings in various parts of the world, which havft brouaht alwiut jrreat expansion in most of the leading industrial establishments, involving great demands on the money mivrkct. . . . When borrowing facilities curtailed, a halt must be cnlk-d to new entf k rpri <o e: the effort mn*t gradually make itself felt in all markets."

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