The Gisborne Times. PUBLISHED EVERY MORNING. FRIDAY, AUGUST 21, 1908. WORLD-WIDE DEPRESSION.

Gisborne Times, Volume XXVI, Issue 2275, 21 August 1908, Page 2

The Gisborne Times. PUBLISHED EVERY MORNING. FRIDAY, AUGUST 21, 1908. WORLD-WIDE DEPRESSION.

Statistics recently published by the London Board of Trade show that there has been a vory marked depression in British commerce during the present year, and helps to explain the fall in. tho price of wool. British trade in May showed a falling off in value as compared with the same month in 1907 of £14,200,089. Imports declined £8,344,418 and exports £5,855,071. For the first live months of the year tile total value of British imports and exports was £40,521,974 Jess than in 1907.

The Board of Trade returns give tho following figures of imports and exports for May and for tho iirst five months of tho year in 1908, 1907, and 1906:

Import.-. IG peris- £ L' May, 1905... 44,271,217 '31,000,877 May, 1907 .. 52.015,035 30,922.548 May, 1900.. 51,417,731 31,724,227 5 months, >OB 252,205i381 101,040,250 5 months, 07 280,531.211 173,‘.rib, K 0 5 months, ’OO 252,077,040 149,954,329

Imports of food, drink, and tobacco in May wero £2,094,175 less than last year, grain and flour showing a decline of £946,032. Haw materials imported declined £4,585,030, cotton accounting for £2,464,958, and wool for £3G3,534. Tho falling off in tho value of cotton imports is partly duo to the lower price. Tho same .applies to wool. Sheep’s wool showed a decline of £287,973 in value, although 848,7011 b more was imported than in May last year. Manufactured articles decreased £1,637,024. The declino of exports is entirely duo to a decrease of £5,935,403 in manufactured goods, made up principally of the following:

Decreases. £ Iron and steel ... 771 479 Other metals ... 490.973 New ships 7*7,249 Cotton goods ... 1,022,520 "Woollens .... ... 752,030 Other toxtibs ... <41,812

How world-wide and universal is tlie depression in trade, which lias brought about the heavy fall in British exports and imports, is shown by the trado returns of the various great [commercial Powers. They aro for dilferent periods, as tlio statistics aro not issued promptly month by month in all countries. Tho following are the ligures at present available for this year, as compared with tho gamo months of 1907 :

Great Britain Percentage Jan.-May Decrease of De(s months) 1908. on 1907. crease Imports 252,205,000 28,355,000 10.1 Exports 101,040,000 12,106,000 7.1 United States (4 mills) Jan.-April. Imports 09,260,000 33.140.000 32.3 Exports 129,700,000 3,980;000 2.4 Franco

(4 antlis) Jan.-April. Imports 84,905,000 3,406,000 3.9 Exports 68,735,000 5,830,000 .7.8 Germany In- In(3 mtlis) Jan.-March crease, crease Imports) 108,100,000 2,100f,000 1.9 Exports 82,900,000 1,000,000 1.2

Germany alone withstood the depression, until tho end of March, without loss, but it is possible that tho full stress of the “slump” had not then reached Jier. There was a heavy decrease in the weight in tons of both her exports and imports in April, but the values for that month have not yet been published.