142

must  also  increase  constantly—-in  the  world.
There  is  not  necessarily  an  increase  in  each
part  of  the  world.
Thus,  for  all  practical  purposes,  such,  for
example,  as  this  matter  of  the  Geographical
Distribution  of  Capital,  the  first  question  put
to  me  may  be  answered  in  the  affirmative  by
Statement  A.  And  if  it  were  possible  to
include  the  results  for  the  home  trade  of  each
part  of  the  world,  with  the  large  section  of
foreign  connnerce  here  dealt  with,  it  is
probable  that  even  the  trivial  fluctuation  seen
in  the  first  part  of  Statement  A  would  vanish.
I  come  now  to  the  consideration  of  the
second  question.  This  relates  to  the  yearly
trade  fluctuations  in  different  parts  of  the
world.  And  it  will  be  interesting  to  observe
the  many  instances  where  a  fall  in  one  part  of
the  world’s  trade  is  accompanied  by  a  rise  in
another  part  of  the  world’s  trade.
First,  let  me  summarise  the  facts  :  —

B.—The  World’s  Exports  during  1890-1904.

Europe  ...
America  ...
Asia
Australasia
Africa

Million  £.
16,786
4,952
2,220
583
424

Por  Cent,  of  Total.
673
198
89
23
17

Total

24,965

1000