70 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.

Jistribution of our investments over the various continents is shown
by the following statement:

A mericas........
ASIA, ow sisi nme
yfrica............
\ustralasia.... -
IFO. eens

Total.

Continents.

Amount in
dollars.

2, 500, 000, 000
¥ 500, 000, 000
Y, 275, 000, 000
935, 000, 000
220. 000. 000

15 960, 000, 600

Per cent
of total.

53
16
14
12
5
100

In conclusion, I would ask you to note that this great sum of
£3,192,000,000 ($15,960,000,000) of capital which Great Britain has
supplied to the nations is not the total sum her people are employing
in other lands. I have taken no account of the great sum of what
is termed private capital employed abroad by the British people
in a variety of ways, such as the purchase of land, loans on mortgage,
 deposits in banks, branch manufacturing, mercantile, and
frade undertakings, etc. If allowance be made, on the one hand, for
the foreign capital employed in British companies both at home and
abroad and in British loans, and on the other, for the vast amount
of private capital which the British people have placed abroad, I
think the net total of our investments in other lands would be not
much short of £3,500,000,000 ($17,500,000,000). But, inasmuch as
the amount of the private capital employed abroad can not be ascertained,
 I have ignored it, and have confined myself to that portion
of our capital investments in other lands for which there is documentary
 evidence.
“ Qver 60 per cent of our foreign investments,” said Sir G. Paish,
“has been employed in the construction of railways, either directly
by British companies or indirectly by means of the loans with which
we have provided the Governments of the various countries.” About
[4 per cent has gone into mines, nitrate, oil developments, tramways,
telegraphs, and telephones, gas works and waterworks, electric lighting
 and power plants, canals, and docks, and nearly as much into
financial, land, and investment companies, commercial and industrial
companies (among which breweries and distilleries are especially
prominent), and banks.
Sir G. Paish concluded that the new capital supplied by Great Britain
 to other lands was £130,000,000 ($650,000,000).in 1908, £160,000,-300
 ($800,000,000) in 1909, and £165,000,000 ($825,000,000) in 1910;
and that about 53 per cent of this went into railways.
An estimate by C. K. Hobson,! based on the balance of imports
and exports, freights, miscellaneous services, and income from foreign
 investments, places the net sum of new foreign investments at
£130,000,000 ($650,000,000) in 1908, £110,000,000 ($550,000,000) in
1909, and £150,000,000 ($750,000,000) in 1910. This is an average of

\ Hobson, op. cit., p. 204.