158 
Statement G is exceedingly interesting. 
It means that in the year 1890 the United 
Kingdom supplied 18 0 per cent, of the 
world’s exports, and that the United States 
supplied 12 per cent, of the world’s exports. 
In 1904 the United Kingdom’s share had 
fallen to 13 9 per cent., and the United 
States’ share had risen to 13*8 per cent. The 
change of position of the two countries, as 
world-traders, is most marked, and we could 
scarcely have a clearer illustration of this 
principle of compensating trade movement 
which is so closely connected with the validity 
of the Geographical Distribution of Capital. 
Our loss of position as a seller to the 
world has been closely accompanied by the 
United States’ gain of position as a seller 
to the world. The neck-and-neck race 
in the latter years of Statement G is a 
striking feature of this most interesting 
comparison. 
The United Kingdom’s share in State 
ment G is slightly exaggerated in the years 
1899-1904, because in those years our exports 
include ships which were not included in the 
years 1890-1898. 
My investigation contains many more 
results in addition to the leading features