§ Sir F. WISEasked the President of the Board of Trade the approximate pro-portion 1299W of exports and invisible exports per head of the population in Britain, United States, and Germany in 1913, 1925, and 1926, respectively?
§ Sir B. CHADWICKThe particulars desired are given in the following statement, so far as they are available:
United Kingdom. — 1913. 1925. 1926. In million £s. Exports of British and Imported Produce, including Bullion. 697 989 816 Estimated Net Balance of "Invisible Exports." 339 438 465 The gross income from shipping services, overseas investments, commissions, etc., has not been calculated, and the total of "invisible exports" shown above is the estimated balance of such income after deduction of payments made or due to non-residents in respect of services performed by them or investments made by them in the United Kingdom. Capital movements are not included except in respect of loans due to or by the Government of the United Kingdom. Further, the figures for 1913 relate to Great Britain and all Ireland, and those for 1925 and 1926 to Great Britain and Northern Ireland only. With these reservations, the particulars per head of the population are:
— 1913. 1925. 1926. £ £ £ Exports of British and Imported Produce, including Bullion. 15.3 22.0 18.0 Net Balance of "Invisible Exports." 7.4 9.7 10.3 United States.
Figures for 1913 and 1926 are not available. In the "Memorandum on Balance of Payments and Foreign Trade Balances, 1911–25," issued by the League of Nations, the following particulars for 1925 are given on pages 110 et seq. of Volume I; 1300W the amounts per head of the population are added in dollars and sterling:
— Total. Per head. Million $ $ £ Exports of Merchandise and Bullion. 5,295 46 9.5 Gross Income from Shipping, Investments, etc. 930 8 1.7 Gross Payments for Shipping, etc. 1,273 11 2.3 Balance of Capital Investments made abroad. 432 3.7 0.8 The population is that of the Continental United States as at the middle of 1925.
Germany.
The League of Nations publication, quoted above, also gives, on pages 31 et seq., particulars of the balance of international payments of Germany for 1925 on which the following table is based; similar particulars for 1913 and 1926 are not available:
— Total. Per head. Million Rmk. Rmk. £ Exports of Merchandise and Bullion. 8,870 140 6.9 Gross Income from Shipping Investments, etc. 910 14.4 0.7 Gross Payments for Shipping, etc. 800 12.6 0.6 Interest received on investments abroad is given as 400 million reichsmarks for 1924 and 1925, and interest paid on foreign investments in Germany at 550 million reichsmarks for the two years, and, in default of other information, half of each of these amounts has been taken for 1925. Further, in 1924 and 1925 new loans floated abroad, domestic real estate sold to foreigners, and other foreign capital invested in Germany, amounted to 7,190 million reichsmarks.