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In the field of invisible trade there are certain transactions the division of which between Scotland and the rest of the United Kingdom would be meaningless. The analysis of other transactions would not be so intractable, but the close integration of the United Kingdom economy would render the separation of the Scottish share in these transactions impracticable save by the use of arbitrary and burdensome methods of division.
(Paragraph 262.)
Scotland's Balance of Payments
(Part (iii) of terms of reference.)
We have found no way of preparing a return of Scotland's imports from, exports to and balance of payments with other countries, including the rest of the United Kingdom.
(Paragraph 311.)
A record of Scotland's direct foreign trade by sea and air could be prepared but we have not found any means which we can recommend of measuring the visible trade between Scotland and the rest of the United Kingdom.
(Paragraph 309.)
The measurement of the various invisible items in Scotland's balance of pay- ments would be even more difficult because of the difficulties of concept as well as the practical obstacles which are encountered.
(Paragraph 310.)
In theory it would be possible to estimate the net surplus or deficit in the Scottish balance of payments by measuring the net domestic capital formation in Scotland and comparing this with the amount of saving by Scotland. But because of serious imperfections in the basic statistics such an estimate would be subject to a very wide margin of error. This method of estimation does not appear to be of immediate practical value.
(Paragraph 316.)
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5 DOCUMENT IS THE PROPERTY OF HER BRITANNIC MAJESTY'S GOVERNMENT
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