§ 38. Viscount SANDONasked the President of the Board of Trade what is the percentage of accuracy when the correct figures are ultimately known of the estimates as to imports and exports and the balances of income and expenditure in transactions with other countries as published annually in the Board of Trade Journal; and whether the degree of error has been on the conservative or liberal side?
§ The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Herbert Williams)The figures of imports and exports used in the estimate are based on the declarations made to the Customs and are only liable to small corrections. The 377 figures relating to the "invisible" elements in the balances of income and expenditure in transactions with other countries, are arrived at on the best information available at the time, and every endeavour is made not to overestimate. But this is not a case in which a percentage of accuracy can be calculated. I would refer my Noble Friend to the article on the Balance of Trade in the current issue of the Board of Trade Journal, in which are stated such corrections as have been made in the estimates for 1926 and 1927, and the reasons for their adoption.
§ Mr. SKELTONIs it not my hon. Friend's experience that the degree of error is generally greater on the Liberal side than on the Conservative side?
§ Lieut.-Colonel HENEAGECan the hon. Member say whether under the heading of invisible exports the transfer of the Lloyd George Fund to the Liberal party is included?