increased rapidly because of the enormous growth in imports. The trade balance has increased from £69,942,567 in 1912 to £316,185,248 in 1917. GERMANY. The trade with Germany before the war was second in importance in the foreign commerce of the United Kingdom. The balance of this trade in 1913 was in favor of Germany to the extent of £20,000,000. Imports from Germany included important materials, such as oats, sugar, zinc, and steel, and manufactures such as chemicals (including coal-tar products), cottons, leather, iron and steel manufactures, silks, motor vehicles, toys, woolens, etc. The following table shows the import side of this trade by items of £1,000,000 or over: 1 Annual (and Monthly) Statements of Trade of the United Kingdom. It is noticeable that the items specified amount to less than 50 per cent of the import totals. This suggests the comprehensive character of the British imports from Germany. A long list of items of significant volume are comprised in this trade. During the war, of course, imports directly from Germany have practically ceased. The following table shows the United Kingdom's exports to Germany by £1,000,000 items: THE UNITED KINGDOM'S EXPORTS TO GERMANY, 1913-1914.1 1 Annual (and Monthly) Statements of Trade of the United Kingdom. Several important export items also appear in the import schedule above. In most cases these goods are different in type, however. German textile mills, for example, specialize in a somewhat coarser materials than do the British mills. This apparent cross traffic is characteristic of a considerable part of the commerce between the United Kingdom and the Continent. No export trade to Germany is reported in the British statistics since 1914. The possible revival of British-German trade after peace is signed is a question about which no certain conclusion can be drawn. In the past, war has not usually resulted in the setting up of effective economic barriers between former belligerents, and this is an indication, although not a guaranty, of what may be expected at the conclusion of the present conflict. FRANCE. The following table shows the extent of the United Kingdom's import trade with France by items of £1,000,000 or over for the period 1913-1918: The above data show something of the serious position of France during the war with respect to foreign commerce. In spite of higher prices, shipments from France during the war to the United Kingdom have declined in value steadily, until in 1917 the total is less than 50 per cent of the 1913 figure. The totals for smaller items not specified above show that this group has not suffered to the same extent as have the items listed. It is safe to say, even where quantities are not given, that there has not been a single increase in the volume of this export trade as far as the items shown separately are concerned, and there are few increases in values. The most sharp reductions occur in the case of butter, wine, wool (in this case an important traffic has practically disappeared), cotton lace, motor vehicles, silks, woolen yarns, and apparel. The export trade has developed in the opposite direction, as is shown by the following (items of £1,000,000 or over are separately listed): THE UNITED KINGDOM'S PRINCIPAL EXPORTS TO FRANCE, 1913-1918.1 A comparison of the two foregoing tables shows that, while the trade between France and the United Kingdom was nearly reciprocal in 1913 (shipments to the United Kingdom exceeding shipments to France by less than £6,000,000), in 1917 the balance against France was £105,000,000. Nearly every item in the above table shows an increase in value, and in a majority of cases quantities are also increased. The most striking increases are in cottons, woolens, rubber, arms and ammunition, iron and steel materials, chemicals, linen yarn, soap, seed oil, and tin. In the case of raw wool only, of all the items listed above, is an important decline recorded. It seems very doubtful if these exports to France can be maintained at anything like the present rate long after peace is established unless France is able to increase her own exports. The maintenance of a trade balance against France during the reconstruction period will depend in a large measure upon the extent to which the United Kingdom (and other countries) is willing to extend further credits to France. It will probably be some time before France is able to base purchases abroad to any considerable amount upon a German indemnity. ARGENTINA. The United Kingdom imports large quantities of corn, meats, hides, etc., from Argentina. The extent of this trade (only items having a value of £1,000,000 or over in some year of the period covered are specified) is shown in the following table: THE UNITED KINGDOM'S PRINCIPAL IMPORTS FROM ARGENTINA, 1913–1917.1 (000 omitted.) Maize... Beef, fresh and refrig Cwt.....38, 854 £10, 851 28, 642 £8,601 44, 152 £17, 048 20, 843 £12,492 9,578 £7, 951 ..do. 7,171 12, 815 5,993 13, 134 5, 096 15,304 4,037 12,785 2,671 10,501 Quantity. Value. Quantity. Value. erated. Mutton, fresh and refrigerated. Meat (not on import ...do.... ..do.... 1,012 list). Preserved meat, other ...do.... 193 than by salting. 2,093 768 2,885 470 2,166 522 391 1,008 767 172 1,021 564 3,241 694 4, 123 353 1,324 881 6, 164 Oleomargarine or...do.... 150 oleo oil. Hides, raw, 342 176 thereof. Flax or linseed. Quarters 1, 126 Wool. Pounds. 55, 455 Dyeing and tanning 2,398 1,027 materials. |