A CORNER TURNED.

Evening Star, Issue 19771, 23 January 1928, Page 6

A CORNER TURNED.

Our readers must have been getting rather tired in the last few months of hearing the phrase “Wo have at last turned the corner.” Nevertheless, the trade returns just published show that as lar as the relations of exports and imports are concerned we have at,last accomplished the feat, though we could probably turn a few, more corners with advantage. The effects of the recent enhanced prices of wool arc probably shown in the December exports, which amount to no less a sum than £5,398,484, compared with £3,631,698 in 1926 for the same month, and £2,837,875 for November, 1927. On the other hand, with our chastened purse, we bought no more than £3,949,193 worth of imports. It is, of course, not safe to jumo to conclusions on merely one month’s figures, as the departure or arrival of a large vessel on the 31st instead of the Ist of the next month might easily make a big difference. If the comparison is carried to the figures for the quarter the “ turning of the corner ” is lost once more, for ■ whereas exports amounted to £10,579,666, imports were as much as £11,098,907. But, owing to seasonal variations in exports, adequate comparisons are not well made except over twelve-monthly periods. Here wo see a much brighter outlook. For the twelve months ending December 31,1927, exports amounted to £48,496,354, with imports £44,782,946, an excess of exports amounting to £3,713,408 compared with the 1926 excess of imports to the extent of £4,613,983, The following table sets out the totals for complete years ending in successive quarters, which is easily the most reliable method of estimating changes in the trade balance :

Looking back a few years, it is interesting to note that exactly the same process took place in the December quarter of 1921. An excess of imports for the year ending September 30 was turned into an excess of exports for t.he year ending December 31. Apparently a trade cycle has once more been completed during the six years between 1921 and 1927-,

3 I i iWi' 1 r 2 ; ; • ; : : : : - ! : ; N : • : : ; : ; ; : : : : : tSK ass ass Exports. § S«S tm Mss imports. “Ml i J l I Excess of Exports. 1 BSB SK£S Mil Excess of Imports.