142 
must also increase constantly—-in the world. 
There is not necessarily an increase in each 
part of the world. 
Thus, for all practical purposes, such, for 
example, as this matter of the Geographical 
Distribution of Capital, the first question put 
to me may be answered in the affirmative by 
Statement A. And if it were possible to 
include the results for the home trade of each 
part of the world, with the large section of 
foreign connnerce here dealt with, it is 
probable that even the trivial fluctuation seen 
in the first part of Statement A would vanish. 
I come now to the consideration of the 
second question. This relates to the yearly 
trade fluctuations in different parts of the 
world. And it will be interesting to observe 
the many instances where a fall in one part of 
the world’s trade is accompanied by a rise in 
another part of the world’s trade. 
First, let me summarise the facts : — 
B.—The World’s Exports during 1890-1904. 
Europe ... 
America ... 
Asia 
Australasia 
Africa 
Million £. 
16,786 
4,952 
2,220 
583 
424 
Por Cent, of Total. 
673 
198 
89 
23 
17 
Total 
24,965 
1000