BAIT-FISH — EXPANSION — AND CONFLICT 239 



Annual Value of Exports x £1,000. 



^ I add frozen herring as per Newfoundland Bluebooks (which omit 1881). 

 2 Includes bone. ^ Excludes Labrador before 1886. 



^ Taking the dollar at 4^. 1 \d. 



The lists of imports in the last line of the Table are given Exports 

 for purposes of comparison. In all healthy colonies or^^^^J'^^ 

 young states there is a normal excess of exports over imports, and public 

 and the net excess between 1851 and 187 1 was £2,150,000. iJ^^^, 

 During this period the State debt was only a little larger than paid. 

 its annual revenue, and there was but little other debt of 

 a public character. Next, came a period of large expendi- 

 ture from loans on railways, docks, telegraphs, and oiher 

 public works by private capitalists and the State, in con- 

 sequence of which between 1872 and 1894 imports exceeded 



