147 
ti 
is that, although Europe remains greatly 
predominant as a world trader, yet Europe’s 
predominance is smaller now than in earlier 
years. And, necessarily, the Rest of the 
World is now of more importance, relatively 
to Europe, as a trader, than was the case in 
former years. Incidentally, these results give 
force to the policy of the Geographical 
Distribution of Capital. 
Let me now show the fluctuations in 
export trade, as regards Europe and America. 
(Table II.) 
Table II.—Comparing the fluctuations in Europe’s Exports 
with the fluctuations in the Exports of All America. 
Year. 
Europe’s 
Exports. 
All America’s 
Exports. 
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 20 
Fell „ 77 
Rose „ 11 
Fell „ 14 
Rose ,, 54 
Rose „ 61 
Rose „ 36 
Rose „ 17 
Rose „ 96 
Rose ,, 74 
Fell „ 22 
Rose „ 62 
Rose ,, 77 
Rose ,, 35 
Million £. 
Rose by 6 
Rose ,, 34 
Fell „ 38 
Rose ,, 8 
Fell „ 14 
Rose ,, 18 
Rose ,, 34 
Rose ,, 52 
Rose „ 11 
Rose ,, 36 
Rose ,, 23 
Fell „ 15 
Rose „ 22 
Rose „ 19