The Washington herald., 1922-01-22
BRITISH FIGURES
OFiUNFAVORABLE
'2fTRADE BALANCE
Foreign Commerce Bal.
ance Approximates So.
100000 Pounds, Report.
FAVORABLE IN 1920
Trade Amounts to 165, 100000
Pounds Previous Year; Indus
trial Situation Depressed.

Preliminary net figures for British
foreign trade during the year 1921
show an unfavorable trade balance
of approximately E5o.ooo.o 900. as COM
pared with a favorable trade balance
Of f1s5.O0O. 900 for the year 1890 says
the Department Of Commerce. Visible
trade figures for the year 1921 show
an unfavorabls balance Of approxi-
mately f17s.o0o. 900 as compared with
an unfavorable balance Of E37s, ,0oo.-
600 in the same items during 1920.
This, shows that British invisible
exports during 1921 amounted to
about one-half those Of 1920. The
board OF trade in a carefully pre-
pared statement as regards British
trade in invisible items during 1890
placed their total amount at $780,
100000. 1t appears this half billion
derived during 1920 from shipping
earnings. dividends and interests on
foreign Investments, insurance and
commercial service, and other items
included in the invisible trade or
Great Britain. shrank to approxi-
mately 100000, 900 during 1920,
seavfng the aforementioned net
unfayorable balance. The invisible
exports of Great Britain during
1918 may be approximated at one
third Of a billion.
Foreign Trade In December.
\ marked decline was shown in
trade during the month of Decem-
her rnnnnarR1 with Nnuan1har
The total foreign trade of Great
Britain during the year 1921 was
So per cent in value, of the total
trade for the year 1920.
Industrial Situation Depressed.
Reports OF basic industries mani
fest = very low ebb of production,
tn :swest in fact for many years
IT,. production of pig iron during
1924 amounted to 2,50O,000 tons,
coal, 16S.0OO.O00 tons, and steel in
gots, 3.5OO.OO tons. During 1920
production of these items was, pig
iron, s,0O7.9OO tons; steel ingots,
9,056, 500 tons, and coal. 229, ,295 900
tons Shipments of coal to Ameri-
can ports have been registered and
upon inquiry II has been ascertain
ed that the basis reason for such
were made not so much as a matter
Of expert but rather as ballast in
place OF sand.
Reports from our London office
indicate that shipments of coal will
be discontinued upon thorough re-
cuperation of the trade. Indica-
tions during the latter part of the
year show that England is rapidly
assuming absolute control over her
former coal markets. One of the
beneficial effects of the coal strike
settlement is to be found in the
increased per capita production.
The week ended December II
marked the largest weekly produc-
tiOn and export of coal had during
the entire year. The foreign de-
mand for British Goals is on the up
grade while ocean freight rates
are on the downward gradient. The
present ocean freight for coal to
South America is at las Sd per ton,
which is lower than the prewar
level.
Wage Reductions and UnempIoy-
ment.
Reports of the Ministry of Labor
show that up to the end of Novem-
beV 6,973,OOO workers suffered re-
ductions amounting to a weekly
Topping on Of approximately 1855
coo and 117,60 had received in
creases amounting approximately
to 100000 weekly. The trades most
affected were mining, engineering
and shipbuilding, textiles, iron and
steel. transport and building, the
decreases in the weekly wages Of
which amounted to f2,50O.000. f652.-
900. 1884, 800. f431, 200, f3s3.000 and
f3O3,a00, respectively. The number
of work people affected by these
reductions in each of these trades
were, in the order as given above,
l,291,O00, 1,359.00O, 1904 900. 906,0Q0
and 445,OOo. respectively.
Taxation.
Due to the fact that the estimat-
ed deficit in the budget has been
exceeded during the first nine
months of the fiscal year no re-
ductiOn in taxes is expected in the
near future. This and the forth
coming general elections will act
as shoppers to the boom, in British
foreign trade which might other
wise be expected as resultant upon
the extensive use which Is being
made Of the lately enacted exports
credits scheme. During the months
Of November and December credits
to the amount of nearly E2.000, 900
have been sanctioned, an average of
approximately 100000 per month,
as compared with E1,390,0O0 of the
former scheme used during two
years It is reported that exports