§ 7. Mr. Shepherd
asked the President of the Board of Trade if he will give an 596 estimate of how the import and export trade balance for 1951 would have been affected had the terms of trade been those of 1938.
§ Mr. P. Thorneycroft
If the average value of imports had risen by the same proportion as that of exports compared with 1938, the value of imports in 1951 would have been about £2,800 million c.i.f. instead of £3,914 million, and the adverse trade balance of £1,208 million would have been less than £100 million.
§ Mr. Shepherd
Does that mean that, as a result of the change in the terms of the trade since 1938, our import bill has gone up to something like £1,100 million?