66 THE DECENTRALISATION 



exports for the years 1876 to 1895, we see no 

 permanent decline, we notice only fluctuations. 

 British exports, like commerce altogether, 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 minimum of 216,000,000 in 

 1894, to be followed next year by a slight move- 

 ment upwards. 



This periodicity being a fact, Mr. Giffen could 

 make light in 1886 of " German competition " 

 by showing that exports from the United King- 

 dom had not decreased. It can even be said 

 that, per head of population, they had remained 

 unchanged until 1904, undergoing only the usual 

 ups and downs.* However, when we come to 

 consider the quantities exported, and compare 

 them with the money values of the exports, even 



* Per head of population the exports of British produce 

 appear, in shillings, as follows : 



1876...121s. 1885...118s. 18Ql...llls. 1903...138s. 



