Page 417 - clra62_0019-(GIPE)

THE PRESENt ECONOMIC CONDITIONS AND OUTLOOK 409
MIn. C •. MIn. C •.
Gefterai Imports. • • . • • • . • 5 9
2
Add-
Excess of imports of gold and silver over
• exports • • • • . . • . • • .
5
534
Deduct-
Re-exports. . . • • • • • . • . 66
contained in llanufactures ex-
II
ported, estimated. • • . • .
Net imports for home consumption

Thus we have to obtain from abroad for our home
consumption, in round figures, about £400,000,000
worth a year.
The figures show how this sum is arrived at with
sufficient clearness, I hope, for those who are accustomed
to handle import and export statistics; but as the sum
is a little unusual it may be expedient to give a short
explanation on one point. This is with regard to the
.. Re-exports." Everybody is agreed that in order to
show what we import for our own consumption the
exports of foreign and colonial produce-otherwise the
re-exports-ought to be deducted from the imports
themsel yes. So far there is nothing unusual in the
above table. The deduction of £66,000,000 for re-
exports will be universally allowed. I l appears neces-
sary, however, to go a step further and make another
deduction of £70,000,000 as above shown. The reason
is that the exports of British and Irish produce them-
selves also contain a mixture of re-exports. When we
send away cotton or woollen manufactures to other
countries, we send not merely the produce of British
laGour and capital, but much raw material previously
fmported from <ft:her countries to which our industry
has only been applied. Such raw material is mani-
festly a Ie re-export" in another form, and ought to be
deducted, therefore, from the imports, along with the