FOREIGN TRADE: British Gloom

After earlier signs of improvement, Britain's world trade position last week was taking a sharp turn for the worse. Only a year ago, Britain's trade showed a $641 million surplus, but in 1951 it was expected to go $850 million into the red.

The huge drain is due largely to higher prices of timber, tobacco and grain, much of which Britain must buy in the dollar area (the U.S., Canada, etc.). Another worry is the Iranian oil crisis. If Britain loses her oil from Abadan, she will have to spend some $350 million more a year buying oil from the...

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