147

ti

is  that,  although  Europe  remains  greatly
predominant  as  a  world  trader,  yet  Europe’s
predominance  is  smaller  now  than  in  earlier
years.  And,  necessarily,  the  Rest  of  the
World  is  now  of  more  importance,  relatively
to  Europe,  as  a  trader,  than  was  the  case  in
former  years.  Incidentally,  these  results  give
force  to  the  policy  of  the  Geographical
Distribution  of  Capital.
Let  me  now  show  the  fluctuations  in
export  trade,  as  regards  Europe  and  America.
(Table  II.)

Table  II.—Comparing  the  fluctuations  in  Europe’s  Exports
with  the  fluctuations  in  the  Exports  of  All  America.

Year.

Europe’s
Exports.

All  America’s
Exports.

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  20
Fell  „  77
Rose  „  11
Fell  „  14
Rose  ,,  54
Rose  „  61
Rose  „  36
Rose  „  17
Rose  „  96
Rose  ,,  74
Fell  „  22
Rose  „  62
Rose  ,,  77
Rose  ,,  35

Million  £.
Rose  by  6
Rose  ,,  34
Fell  „  38
Rose  ,,  8
Fell  „  14
Rose  ,,  18
Rose  ,,  34
Rose  ,,  52
Rose  „  11
Rose  ,,  36
Rose  ,,  23
Fell  „  15
Rose  „  22
Rose  „  19