§ 67. Mr. PENNEFATHERasked the President of the Board of Trade whether, during the first five months of this year, the value of our exports averaged about £1,000,000 a day less than the value of our imports; if the indications for this month are any more favourable; and has he any information as to the extent to which invisible exports relieve the situation and the extent to which the recent excess of imports creates national impoverishment?
§ Sir P. LLOYD-GREAMEDuring the first five months of the current year the excess in the declared value of the imports of merchandise into the United Kingdom over that of exports therefrom averaged £731,000 per day. I regret to say that I do not anticipate a smaller average daily excess for June than for May, when it exceeded £1,160,000. I am unable to furnish at the present time any estimate that would be at all reliable as to the earnings of British merchant shipping and other non-merchandise credits, or as to the extent and direction of the balance of our foreign obligations.