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I  have  shown.  But  it  is  scarcely  necessary
to  give  further  evidence  as  regards  the
general  truth  of  the  statements  that  the
world’s  trade  constantly  increases,  that  there
are  numerous  fluctuations  in  the  trade  of
different  parts  of  the  world,  and  that,  broadly,
these  fluctuations  are  compensating.  That  is
to  say,  a  fall  in  the  trade  of  one  part  of  the
world  is  accompanied  by  a  rise  in  the  trade
of  another  part  of  the  world,  the  demand  for
the  production  of  commodities  of  all  kinds
being  necessarily  an  increasing  demand,  owing
to  the  constant  increase  in  the  world’s
population,  and  in  the  activity  of  that
population.
But  it  may  be  useful  to  examine  one  or  two
of  the  raw  products  of  nations,  and  to  see
whether  in  this  most  important  direction  also
there  is  to  be  found  the  working  of  compensating ­
  trade  fluctuation  accompanied  by  an
increase  of  trade.
Take,  for  instance,  the  production  of  Iron
Ore.  A  most  important  raw  product,  because
it  enters  so  largely  into  processes  of  manufacture ­
  of  many  kinds,  which,  moreover,  are
not  confined  to  a  country’s  export  trade,  but
which  relate  also  to  a  country’s  home  trade
and  manufactures  generally.