§ 73 and 74. Sir H. CROFTasked the President of the Board of Trade (1) what was the adverse balance of trade for the eight months ended August last and for the complete year 1931; and what is the policy of the Government to deal with this issue;
(2) whether any estimate has now been made of the balance of trade for 1931, including invisible exports; and whether he can give the figure?
§ 75. Major NATHANasked the President of the Board of Trade to state the figures of the trade balance for 1931, for the period 1st January, 1931, to 21st September, 1931, and from 22nd September, 1931, to 31st December, 1931, respectively?
§ Mr. RUNCIMANThe excess of the value of imports into, over that of exports from, the United Kingdom during the first eight months of 1931 amounted to £246,021,100, and during the first nine months to £280,706,619, and the corresponding figure for the complete year, 1931, to £408,975,545. Such figures can only be given for complete months. With reference to the other matters raised in the first two questions, I would suggest to my hon. and gallant Friend that he should await the statement to be made to-day by my right hon. Friend the Chancellor of the Exchequer.
§ Major NATHANMay I ask the right hon. Gentleman whether the figure he has given includes invisible exports?
§ Mr. RUNCIMANNo, it does not include invisible exports.
§ Major NATHANMay I further ask whether the Government are unable to give figures as to the balance of trade for the period prior to and the period subsequent to this country abandoning the gold standard?
§ Mr. RUNCIMANIn a complete survey of the balance of trade invisible exports must be taken into account, but we can only give an estimate as to what they were.
§ Major NATHANIs it to be understood, then, that the Government are about to propose a policy to this House without having ascertained the adverse balance of trade?