FIELDS, FACTORIES AND WORKSHOPS. 



decline of exports in 1885-87 was only temporary, and 

 general in Europe ; and that England, now as of old, 

 fully maintained her dominant position in the inter- 

 national trade. It is certainly true that if we consider 

 exclusively the money value of the exports for the years 

 1876 to 1895, we see no permanent decline, we notice 

 only fluctuations. British exports, like commerce alto- 

 gether, seem to show a certain periodicity. They fell 

 from 201,000,000 sterling in 1876 to 192,000,000 in 

 1879 ; then they rose again to 241,000,000 in 1882, and 

 fell down to 213,000,000 in 1886; again they rose to 

 264,000,000 in 1890, but fell again, reaching a mini- 

 mum of 216,000,000 in 1894, to be followed next year 

 by a slight movement upwards. 



This periodicity being a fact, Mr. Giffen could make 

 light of " German competition " by showing that exports 

 from the United Kingdom had not decreased It can 

 even be said that, per head of population, they have 

 remained what they were twenty years ago, notwith- 

 standing all fluctuations.* However, when we come to 

 consider the quantities exported, and compare them 

 with the money values of the exports, even Mr. Giffen 

 must acknowledge that the prices of 1883 were so low 

 in comparison with those of 1873 that in order to reach 

 the same money value the United Kingdom would have 

 had to export four pieces of cotton instead of three, and 

 eight or ten tons of metallic goods instead of six. " The 

 aggregate of British foreign trade, if valued at the 

 prices of ten years previously, would have amounted 



* Per head of population they appear, in shillings, as follows : 



[876 

 1877 

 1878 

 1879 

 1880 

 1881 

 1882 

 1883 

 1884 

 1885 



I2XS. 



ngs. 

 1145. 

 112s. 



I2QS. 

 I34S. 

 I37S. 



I35S. 

 1305. 

 n8s. 



1886 

 1887 

 1888 

 1889 

 1890 

 1891 

 1892 



1893 

 1894 



1895 



117s. 



I2IS. 

 I27S. 

 I34S. 



1415. 



I 3 1S. 



ugs. 



II 4 S. 



Ills. 



II2S. 



