148

The  above  summary  illustrates  the  tendency ­
  of  trade  to  fall  in  one  part  of  the
world  and  simultaneously  to  rise  in  another
part  of  the  world.
In  four  years  Europe’s  exports  fell,  and
in  the  same  years  All  America’s  exports
rose.  In  three  years  the  process  was  reversed.
In  the  other  seven  years  Europe’s  exports
rose  disproportionately  to  the  simultaneous
rise  in  the  exports  of  All  America.
Here,  again,  we  get  striking  confirmation
of  the  compensating  tendency  in  trade
fluctuations,  with  also  further  evidence  of
the  tendency  for  world  trade  to  increase.  In
no  fewer  than  seven  of  the  years  in  Table  II.
a  fall  or  a  rise  in  Europe’s  exports  was  accompanied ­
  by  the  opposite  movement  in  America’s
exports.  And  the  rises  in  both  areas  show
plainly  the  tendency  for  world  trade  to  increase.
We  will  now  ascertain  the  progress  or
regress  in  America’s  share  of  the  world’s
export  trade.

E.—America’s  Share  of
Per  Cent.
1890  17-2
1891  176
1892  208
1893  185
1894  193
1895  17  6
1896  17  9
1897  192

the  World’s  Exports.
Per  Cent.
1898  213
1899  204
1900  212
1901  221
1902  208
1903  206
1904  207