asked the President of the Board of Trade whether he is aware that the balance of payments between this country, Japan, and the United States of America, respectively, for the latest known period was adverse to this country; and what action does he propose to take to secure a balance more satisfactory to employment in this country?

So far as I am aware, no estimate of the balance of payments with these countries has been made. The recorded imports of merchandise from the United States have exceeded the recorded exports for over 50 years, and in the case of Japan there has been an excess of imports in each of the past four years. I can assure my hon. Friend that the situation is under constant review with the object of increasing the export of United Kingdom goods to all overseas markets, including the United States and Japan.