§ 14. Mr. MITCHESONasked the President of the Board of Trade if his attention has been drawn to the fact that the adverse balance of visible trade in the first four months of this year was £21,500,000 greater than in the same period last year; and, as the whole of our visible and invisible trade during the whole of last year showed an adverse balance, what steps he proposes to take to deal with this matter?
§ Mr. RUNCIMANThe excess of imports over exports of merchandise during the first four months of this year was £17,500,000 greater than in the corresponding period of 1933, due mainly to increased imports of materials for industry at, in many cases, enhanced prices. It is probable that with the increase in the balance of visible trade there has been an increase in invisible exports, and it would be unsafe to assume that the one increase more than counterbalanced the other.
§ Mr. HERBERT WILLIAMSIs it not the case that all the items showed a small adverse balance, and will there not be a large total adverse balance unless steps are taken?
§ Mr. RUNCIMANI am not prepared to enter into the region of prophecy.