BRITAIN'S FOREIGN TRADE.

Taranaki Daily News, 26 February 1918, Page 2

BRITAIN'S FOREIGN TRADE.

INFLUENCE OF WAR TIMES. Already considerable advantage has been gained by the limitation of exports and imports (says a recent issue of "Engineering'"). Before the war wc were importing at the rate of ">8,000,000 tons per annum, but last year the imports fell to 43,000,000 tons, and this year it will bo considerably less. Of the 58,000,000 tons rather less than a quarter was foodstuffs, the remainder was raw and other material for peaco requirements Last year, however, two-thirds of our supplies wore foodstuffs, munition 3 of war, and material for the manufacture of munitions, leaving only about 14,000,000 tons for productive industries, as compared with over 40,000,000 tons ill prewar times. In the present year it would . seem that we are likely to get even less than the 14,000.000' tens for productive industries. The total in 1013 were valued at £700.000,000, of which about £04,000,000 came from the countries which are now enemies. In 1010 o«r imports were valued at £040,000,000, none of which came from 'enemy countries'. The rise in priee counts for a large.part of the phenomenon of an increase in value with a decline in hulk from 58,000,000 to 43,000,000 tons; on the basis, of pre-war prices the cost would have been about £800,000,000. This is due to the different class of commodity being imported, 4 far higher price being paid for the unproductive material of war which circumstances have compelled us to substitute for the imports of peace time. The value of our exports and manufactures in the year prior to the war was £535,000 000, while last year they were valued at £500,01K),000; but if the prices had remained the same as irf 1013 the total would only have been £386,000,000. The export trade lias therefore been reduced by about 20 per cent., 10 per cent- having been exports to our present enemies, and the remainder to other parts Of the British Dominions, to our allies, and to other foreign countries. Our exports to other foreign countries some extent, but this affords no Bubstitute for t-he loss of permanent trade. Our exports to other foreign countries and to the Dominions oversea have fallen off in value by about £ 100,000,000, representing on pre-war values £337,000,000—nearly one-third of the total.