148 
The above summary illustrates the tend 
ency 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 accom 
panied 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