asked the President of the Board of Trade the annual balance of trade of Great Britain for the years 1913, 1938 and the latest available date, respectively.

In 1913, the estimated excess of credits over debits in the balance of payments of the United Kingdom was £194,000,000. In 1938 there was a debit balance of £55,000,000. No estimate on a similar basis has been made for any later year.