Money gap widens.
The money gap - the difference between what we buy and sell overseas - widened to an average of 47 million in the last three months. During the March - May period the seasonally adjusted figure averaged 39 million, said the Board of Trade. But exports are rising rapidly. The average of 345 million a month was 8 per cent higher than the second half of last year. Free money gap widens slowing rate of export growth. The money gap is widening. Board of Trade figures republished yesterday showed that exports have been growing less quickly in the last few months while imports have continued to rise.
The gap was 59 million a month (seasonally adjusted) in the last quarter compared with 36 million, 47 million and 53 million a month in the first three quarters. Exports in the last quarter were actually slightly under the figure for the previous quarter. But the Board of Trade claimed that after taking account of special features the trend was still a rising one, though slower than last year. Fast growth of exports of oil and sugar in the first half of the year had fallen back lately. There had been a slackening in exports to Western Europe. Most notable had been the vigorous growth of imports of raw materials. Canada's Premier and the British Premier concluded their talks in Ottawa yesterday. A communiqué said the British Premier had promised to safeguard Commonwealth interests in his Common Market negotiations.
But while the Canadian Premier demanded that all Common-wealth and particularly Canadian, interests should be preserved as a matter of the "highest importance", the British Premier only promised to preserve what he regarded as "essential" interests. He is due back in London this morning.

To be continued......