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specially appertaining to this present matter of 
Geographical Distribution of Capital. So far 
as I know, no examination of world-trade 
fluctuations has hitherto been made. 
Now as to the data to be examined. The 
world’s trade consists of the home or internal 
trade of each country and of the foreign 
commerce of each country. Records of the 
home trade of the countries of the world do 
not exist to an extent sufficient for a broadly 
based inquiry of this sort. Thus we have to 
turn to the records of the foreign commerce of 
each country, and perhaps the best available 
test is to examine the exports of each country. 
Let it be clearly understood that while 
export trade is one important part of a nation’s 
trade, it is by no means an exclusive or an 
exhaustive test of a country’s progress or 
regress in trade generally. I will use this part of 
trade because it seems to me to supply the best 
data that are available for my present purpose. 
The countries whose export trade has been 
examined during each year 1890-1904 are as 
follows :— 
Europe.—United Kingdom, Germany, France, 
Holland, Russia, Austria-Hungary, Belgium, Italy, 
Spain, Switzerland, Sweden, Denmark, Roumania, 
Norway, Finland, Portugal, Greece, Bulgaria, 
Eighteen countries, stated in the order of their 
importance. 
America.—United States, Canada, Argentine 
Republic, Chile, Mexico, Uruguay, British West