150

Here  the  trade  movement  is  well  marked.
The  United  Kingdom  has  lost  position  and
the  Rest  of  Europe  has  gained  position.
Further,  Europe  as  a  whole  has  largelyincreased
  its  export  trade.  (See  the  rises  in
Table  II.)
We  will  now  compare  the  export  trade
fluctuations  of  two  countries  under  wholly
diverse  conditions,  for  the  purpose  of  further
testing  this  matter  of  compensating  trade
fluctuation.  Table  III.  relates  to  the  export
trade  of  the  United  Kingdom  and  of  the
United  States.

Table  111.—Comparing  the  fluctuations  in  the  United
Kingdom’s  Exports  with  the  fluctuations  in  the  Exports
of  the  United  States.—See  Diagram  II.

Year.

United  Kingdom’s
Exports.*

United  States’
Exports,  t

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  17
Fell  „  20
Fell  „  9
Fell  „  2
Rose  ,,  10
Rose  „  14
Fell  „  6
Fell  „  1
Rose  „  31
Rose  ,,  27
Fell
Rose
Rose  ,,  8
Rose  „  10

11
3

Million  £
Rose  by  6
Rose  „  30
Fell  „  39
Rose  „  8
Fell  „  16
Rose  ,,  15
Rose  „  35
Rose  „  37
Fell  „  1
Rose  „  35
Rose  ,,  18
,,  22
Rose  „  8
Rose  ,,  9

*  These  are  “British”  exports  (special  exports),  and  they  include
ships  from  1899.
t  These  are  the  “special  exports  ”  of  the  United  States.