This is 24,965 million £, or an average of 
exports equal to 1,664 million £ per year. 
These exports are nearly all “ special exports ” 
of each of the forty countries. That is to say, 
they are the exports of home produce and. 
manufactures of each country, thus excluding 
re-exports. In a few small trading countries, 
such as Spain, Roumania, Finland, &c., 1 have 
had to use the general exports (special exports 
plus re-exports) because the special exports are 
not recorded. And also in some of the smaller 
trading countries the exports include some 
bullion and specie which cannot be separated 
from the exports of merchandise. But these 
points are of trivial importance relatively to the 
large volume of data that have been examined 
and condensed for the purpose of this article. 
The first main result which comes out is 
that Europe’s exports vastly predominate. 
4 hey form more than two-thirds of the exports 
of the world. This fact at once tells us that 
when we look at the yearly fluctuations of 
trade we must .separate Europe from the Rest 
of the World. Because as Europe predominates 
so greatly in the world’s export trade, it follows 
that any fluctuation taking place in Europe 
must give a corresponding tone to the total 
exports of the world. Thus we must first look at 
Europe as compared with the Rest of the W orld.