COMPETITIVE CONDITIONS IN INTERNATIONAL TRADE. 1
£130,000,000 ($650,000,000), while Paish’s average is nearly £152,000,-200
 ($760,000,000). But Hobson gives estimates of £192,000,000
($960,000,000) for 1911, and £226,000,000 ($1,180,000,000) (subject
to some undetermined shrinkage) for 1912. ’
If Paish’s final estimate of “not much short of £3,500,000,000”
($17,500,000,000) be taken for the end of 1910, and additions at about
£200,000,000 ($1,000,000,000) a year be allowed to the middle of 1914,
the result is about £4,200,000,000 ($21,000,000,000).
It seems safe to conclude that British. investments outside the
British Isles, at the beginning of the present war, were not less than
£3,500,000,000 (roughly $17,500,000,000), quite probably £4,000.000.-900
 (say, $20,000,000,000), and perhaps more.
The mere statement of the amount of British capital invested in
foreign countries does not measure the full influence of such investments.
 In many companies British capital is associated with other
capital—French, German, Belgian, Spanish, or local. But when
British capital controls such a company, as it frequently does,
British manufacturers usually have the best opportunity to sell
the supplies it may need. In Part II, pages 541-574, is a list of
companies organized or controlled in Great Britain which are
operating in countries outside the British Isles, Canada, and the
United States. This list is by no means a complete presentation
of such enterprises, nor of British investments therein, but covers
only those concerning which data are available in published sources.
In consequence, many are omitted from that tabulation. Even so,
the companies included in the list have an aggregate capitalization
of over $8.000,000,000.

FRANCE.

Up to 1850, French foreign investments were of little account; yet
at the time of the Franco-Prussian war of 1870, Léon Say estimated
the coupons on foreign securities payable in France at 600 to 700 mil-Lion
 francs ($120,000,000 to $140,000,000). This would give a capital
 value, at 5 per cent, of 12,000 to 14,000 million francs, or say
$2,400,000,000 to $2,800,000,000. Many French holdings were sold
after the Franco-Prussian War. Yet Leroy Beaulieu thought it
probable that France had $3,000,000,000 invested abroad in 1880.
French holdings of foreign securities in 1910 have been estimated at
a minimum of 40,000,000,000 francs, or say $8,000,000,000.2 To this
should apparently be added whatever foreign investments are not
represented by stocks or bonds; but far the largest part of French
funds appear to go into Government and municipal issues.”

1 Hobson, op. cit., pp. 139, 141, 142.
i Walter Zollinger, Die Bilanz der internationalen Wertiibertragungen, 1914, p. 112,
t Hans Henger, Die Kapitalsanlage der Franzosen in ‘Wertpapleren, 1913, pp. 10.
1. 89: Hobson, op. cit, p. 163.