BRITISH TRADE

Otago Daily Times, Issue 19531, 14 July 1925, Page 7

BRITISH TRADE

RETURNS FOR JUNE. HEAVY INCREASE IN IMPORTS. Press Association —By Telegraph—Copyright LONDON, July 12. The Board of Trade for June show that the value of the imports to Britain increased by £23,425,441, that the exports decreased by £3,131,048, and that the re-exports increased £566,688. The principal increases in imports were as follows:—Meat, £2,078,294; nondurable food, £252,539; raw wool, £1,406,073; rubber, £1,178,859; silk manufactures, £4,069,431; vehicles, £2,167,261; textile manufactures, £1,638,944; apparel, £1,382,085. The decreases in imports were raw cotton, £1,258,585; and in exports coal, £1,959,524; iron and steel manufactures, £1,074,355; woollen manufactures, £1,030,892. The lead imports to Britain for June were 19,400 tons, including 7918 tons from Australia. The exports in this commodity amounted to 2278 tons. — A. and N.Z. Cable. DUMPING TO AVOID DUTIES. SERIOUS LOSS TO EXCHEQUER. LONDON, July 12. The Daily Chronicle states: —“In June motor-cars, waiiches, clocks, kinema films, and musical instruments were rushed into Britain to avoid the reimposition of the M'Kenna duties on July 1. The total equalled four ordinary months’ imports, and these, together with silks similarly dumped to avoid Mr Churchill's new duty, will cause a loss to the Exchequer which is estimated at £1,000,000, and will mean the disappearance of the estimated revenue surplus for the financial year."—A. and N.Z. Cable. A GLOOMY OUTLOOK. UNFAVOURABLE TRADE BALANCE. LONDON, July 12. Mr Lloyd George, in a speech a> Wisbech, referred to the trade balance. Britain, for the first time, he said, was trading at a loss. It was a new and bleats record in the history of British trade. The Government’s premature and precipitate restoration of the gold standard had had a disastrous effect on trade. It had made the sterling dearer, and thus increased the price of British goods. This ill-considered action was taken against the advice of traders. Mr Churchill had put the sovereign on stilts in order to raise it.—Sydney Sun Cable.