APPENDIX. 433 



In this subdued form, with regard to German com- 

 petition alone and due allowance being made for 

 figures in which no consideration is given to what 

 sort of goods make a given value of exports, and in 

 what quantities Mr. Giffen's statement could be 

 accepted. But that was all. 



If we take, however, Mr. Giffen's figures as they are 

 reproduced in extended tables (on pp. 461-467 of the 

 just quoted paper), tabulated with great pains in order 

 to show that Germany's part in the imports to several 

 European countries, such as Russia, Italy, Servia, etc., 

 had declined, as well as the part of the United Kingdom, 

 all we could conclude from these figures was, that there 

 were other countries besides Germany namely, the 

 United States and Belgium which competed very 

 effectively with England, France, and Germany for 

 supplying what manufactured goods were taken by 

 Russia, Italy, Servia, etc., from abroad. 



At the same time such figures gave no idea of the 

 fact that where manufactured metal goods were 

 formerly supplied, coal and raw metals were imported 

 for the home manufacture of those same goods ; or, 

 where dyed and printed cottons were imported, only 

 yarn was required. The whole subject is infinitely 

 more complicated than it appeared in Mr. Giffen's 

 calculations ; and, valuable as his figures may have 

 been for appeasing exaggerated fears, they contained 

 no answer whatever to the many economic questions 

 involved in the matters treated by Mr. Giffen. 



The conclusions which I came to in these lines in the 

 first edition of this book found further confirmation in 

 the subsequent economical development of all nations 

 in that same direction. The result is, that apart 

 from the extraordinary exports of the years 1910 and 

 1911 (which I venture to explain by the general pre- 



