§ 67. Mr. PENNEFATHER
asked the President of the Board of Trade whether, during the first five months of this year, the value of our exports averaged about £1,000,000 a day less than the value of our imports; if the indications for this month are any more favourable; and has he any information as to the extent to which invisible exports relieve the situation and the extent to which the recent excess of imports creates national impoverishment?
§ Sir P. LLOYD-GREAME
During the first five months of the current year the excess in the declared value of the imports of merchandise into the United Kingdom over that of exports therefrom averaged £731,000 per day. I regret to say that I do not anticipate a smaller average daily excess for June than for May, when it exceeded £1,160,000. I am unable to furnish at the present time any estimate that would be at all reliable as to the earnings of British merchant shipping and other non-merchandise credits, or as to the extent and direction of the balance of our foreign obligations.