This  is  24,965  million  £,  or  an  average  of
exports  equal  to  1,664  million  £  per  year.
These  exports  are  nearly  all  “  special  exports  ”
of  each  of  the  forty  countries.  That  is  to  say,
they  are  the  exports  of  home  produce  and.
manufactures  of  each  country,  thus  excluding
re-exports.  In  a  few  small  trading  countries,
such  as  Spain,  Roumania,  Finland,  &c.,  1  have
had  to  use  the  general  exports  (special  exports
plus  re-exports)  because  the  special  exports  are
not  recorded.  And  also  in  some  of  the  smaller
trading  countries  the  exports  include  some
bullion  and  specie  which  cannot  be  separated
from  the  exports  of  merchandise.  But  these
points  are  of  trivial  importance  relatively  to  the
large  volume  of  data  that  have  been  examined
and  condensed  for  the  purpose  of  this  article.
The  first  main  result  which  comes  out  is
that  Europe’s  exports  vastly  predominate.
4  hey  form  more  than  two-thirds  of  the  exports
of  the  world.  This  fact  at  once  tells  us  that
when  we  look  at  the  yearly  fluctuations  of
trade  we  must  .separate  Europe  from  the  Rest
of  the  World.  Because  as  Europe  predominates
so  greatly  in  the  world’s  export  trade,  it  follows
that  any  fluctuation  taking  place  in  Europe
must  give  a  corresponding  tone  to  the  total
exports  of  the  world.  Thus  we  must  first  look  at
Europe  as  compared  with  the  Rest  of  the  W  orld.