HC Deb 15 June 1948 vol 452 cc246-7
47. Mrs. Mann

asked the Chancellor of the Exchequer to state the amounts of the adverse balance of trade for 1937, 1938 and 1939; and the balances in terms of present value.

Sir S. Cripps

As the answer contains a number of figures, I will, with permission, circulate it in the OFFICIAL REPORT.

Mrs. Mann

Will my right hon. and learned Friend at lease how these deficits compare with what has been happening lately?

Sir S. Cripps

One can say, I think, that if our pre-war trade were revalued at 1947 prices, the adverse visible balance would have been twice as big as it was in 1947.

Following is the answer:

PRE-WAR VISIBLE BALANCE OF UNITED KINGDOM TRADE.
(c.i.f./f.o.b.).
£ million. 1937. 1938. 1939 1st half year (annual rate). 1947.
Adverse visible balance of trade:
1. Actual 431.3 387.2 366.7 591.2
2. At 1947 average values 1,160 1,190 1,200 591.2
1. Imports have been included c.i.f. and exports and re-exports f.o.b.
2. Imports, exports and re-exports have each been revalued by the use of average value indices.