146 
now compared. And we have to bear in 
mind that we are now comparing the two 
trade areas as regards one section of trade only. 
The results in Table 1. certainly sub 
stantiate the theory of compensating trade 
fluctuation, and they also evidence the general 
tendency of the trade of the world constantly 
to increase. 
An important point here crops up. Is 
Europe decreasing or increasing its share of 
the world’s export trade ? Although this 
question has not been put to me for exam 
ination, it bears upon this matter of the 
Geographical Distribution of Capital, and it 
is worth looking into. Here are the results :— 
1890 
1891 
1892 
1893 
1894 
1895 
1896 
1897 
D.—Europe’s Share of the World’s Exports. 
Per Cent. 
69-7 
68-3 
65 9 
68-2 
680 
69 2 
699 
69 1 
1898 
1899 
1900 
1901 
1902 
1903 
1904 
Per Cent. 
661 
668 
669 
650 
663 
662 
651 
This means that in the year 1890 Europe’s 
exports were equal to 69’7 per cent, of the 
world’s exports, and that in 1904 Europe’s 
share had fallen to 65T per cent. The falling 
tendency is well marked. And the deduction