BRITAIN'S TRADE

New Zealand Times, Volume XLVI, Issue 10507, 7 February 1920, Page 6

BRITAIN'S TRADE

INVISIBLE EXPORTS REDUCE ADVERSE TRADE BALANCE. MOTHER COUNTRY AND DOMINIONS. Referring to Britain’s "adverse trade balance,” which was given in a recent cablegram as fifteen millions in tile case of the, alone, Mr Harold Beauchamp stated to a “Times” representative yesterday that a competent authority estimated a short- tamo ago that Britain’s imports exceeded her exports by at least £750,000,000 for the current year.

“But in the estimate,-" said Mr Beauchamp; '“no account was taken other invisible exports—that is .to say, the earnings of ship-owners, which have been computed at something like--300 :to 850 millions per, annum. Moreover, -the interest that Great Britain derives from her overseas investments may still be reckoned at 150 millions sterling. The adverse trade Ibalanoo. should thus bo reduced by about 500' millions; and the deficit would speedily disappear if the .exports of the country ould bo expanded by Capital and Labour working together more harmoniously. I noticed recently that one very large.’ company in England, Messrs Vickers,. Son, and Maxim, which was employed during the whole of the war entirely in . the production of armamcnits, 1 is now devoting its attention to the manufacture of motor-cars, the building of ships, and so forth, '.and the chairman of that company said in a 'recent address- to the shareholder's that lie anticipated that the turnover of the company would in another twelve months’ time ho three times greater, chan it had been in pre-war days. . "As .for Britain’s adverse balance with tho Argentine, there will not be the same necessity to import quite st> freely from the Argentine as during the War because with the expansion of her shipping Britain' will he able to draw inor.e, freely from tho oversea Dominions. During the war, owing, to the fact that .two voyages to tho Argentine - pould He made for one voyage to Australia .or 'New Zealand, a very large, 'proportion of our shipping wias diverted for that’ trade. The majority of these, steamers will now be available for lifting produce from Britain’s overseas possessions, such as Australia and Now, Zealand. - Of course, too, the adverse' balance to the Argentine, is very largely reduced by the invisible exports to. which ,1 ■ have ..already referred.’’ • •