150 
Here the trade movement is well marked. 
The United Kingdom has lost position and 
the Rest of Europe has gained position. 
Further, Europe as a whole has largely- 
increased its export trade. (See the rises in 
Table II.) 
We will now compare the export trade 
fluctuations of two countries under wholly 
diverse conditions, for the purpose of further 
testing this matter of compensating trade 
fluctuation. Table III. relates to the export 
trade of the United Kingdom and of the 
United States. 
Table 111.—Comparing the fluctuations in the United 
Kingdom’s Exports with the fluctuations in the Exports 
of the United States.—See Diagram II. 
Year. 
United Kingdom’s 
Exports.* 
United States’ 
Exports, t 
From 1890 
1891 
1892 
1893 
1894 
1895 
1896 
1897 
1898 
1899 
1900 
1901 
1902 
1903 
to 1891 
„ 1892 
„ 1893 
,, 1894 
,, 1895 
,, 1896 
„ 1897 
„ 1898 
„ 1899 
„ 1900 
„ 1901 
„ 1902 
„ 1903 
„ 1904 
Million £ 
Fell by 17 
Fell „ 20 
Fell „ 9 
Fell „ 2 
Rose ,, 10 
Rose „ 14 
Fell „ 6 
Fell „ 1 
Rose „ 31 
Rose ,, 27 
Fell 
Rose 
Rose ,, 8 
Rose „ 10 
11 
3 
Million £ 
Rose by 6 
Rose „ 30 
Fell „ 39 
Rose „ 8 
Fell „ 16 
Rose ,, 15 
Rose „ 35 
Rose „ 37 
Fell „ 1 
Rose „ 35 
Rose ,, 18 
,, 22 
Rose „ 8 
Rose ,, 9 
* These are “British” exports (special exports), and they include 
ships from 1899. 
t These are the “special exports ” of the United States.