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The Fall in Britain's Invisible Earnings

Published online by Cambridge University Press:  26 March 2020

R. S. Gilbert
R. S. Gilbert*
Affiliation:
Australian Commonwealth Public Service National Institute
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Extract

Britain's visible deficit in her balance of payments—that is, her deficit on imports and exports of goods—is likely to be a good deal worse this year than it was last: probably over £100 million bigger. But, even so, it is unlikely to be any larger than in the first half of the nineteen-fifties. This deterioration in visible trade would be much less disturbing if it were not for the fact that the ‘invisible’ balance has also been getting worse.

Type
Articles
Information
National Institute Economic Review , Volume 12 , November 1960 , pp. 45 - 52
Copyright
Copyright © 1960 National Institute of Economic and Social Research

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References

Notes

note (1) in page 46 Board of Trade Journal, 7 October 1960.

note (1) in page 47 In the United Kingdom balance of payments, tanker earnings are not included with shipping, but under ‘Other (net)’.

note (2) in page 47 R. H. Thornton, British Shipping, page 121.

note (3) in page 47 The figures for foreign shipping here include the shipping of other Commonwealth nations; see footnote (d) to table 4.

note (1) in page 50 All invisible items in the Balance of Payments White Paper are included in the National Income concepts ‘Other exports (or imports) of goods and services’, ‘Property income received (or paid) abroad’ and ‘Transfers’. The sum of Government items which are not transfers but actual goods and services, plus shipping and travel items, when subtracted from ‘Other goods and services’ in the National Income estimates, leaves a residual which is the ‘Other goods and services’ part of ‘Other (net)’. The procedure for the property income included in ‘Other (net)’ is similar. By deducting from the National Income estimate the appropriate White Paper figures for interest, profits and dividends there remains a residual which comprises the property income in ‘Other (net)’. See also Joan Mitchell, ‘Britain's Invisible Earnings’, The Banker, May 1958.

note (2) in page 50 P. H. Frankel and W. L. Newton, ‘The State of the Oil Industry’, National Institute Economic Review, no. 11, September 1960.

note (1) in page 51 Committee on the Working of the Monetary System : Minutes of Evidence, page 952.

note (2) in page 51 See page 50.

note (3) in page 51 According to the Board of Trade inquiry, unremitted profits of subsidiaries were £75 million in 1958 and £83 million in 1959 (Board of Trade Journal, 7 October 1960).

note (4) in page 51 National Income Statistics : Sources and Methods, page 198.

A correction has been issued for this article:

Errata