the first nine months of this year. The columns explain themselves, but it should be 

 pointed out that the figure 100 is assumed in this general calculation to represent the 

 normal value of the trade: — 



Allied Countries 



Three Six Third 



months months quarter 



Russia 28 35 50 



France 60 65 75 



Italy 134 136 148 



Northern European 



Norway 157 192 187 



Sweden 114 116 174 



Denmark 108 102 90 



Holland.. 110 103 94 



Southern European 



Spain 116 132 127 



Portugal 144 130 134 



Switzerland 126 130 150 



America and Far East 



United States 136 176 218 



Brazil 60 90 137 



Argentine 173 179 176 



China 183 163 167 



Japan 194 221 228 



British Dominions 



Canada 131 146 122 



Australia 136 134 129 



New Zealand 127 126 106 



South Africa 81 100 116 



India 124 138 160 



It will be seen from these statistics that our allies, with the exception of Italy, 

 have suffered substantially in trade with us. In the case of the United States the 

 gain has been progressive, from a rise of 36 per cent, in the first quarter to 76 per cent. 

 for the half year, and to 118 per cent, in the third quarter. The Argentine, whose 

 huge gain has been consistent, has during the ten months ending October sent us maise 

 valued at £4,000,000 more than her shipments of 1913; wheat, £2,500,000 more; and 

 frozen beef, £5,000,000— an advance in these foodstuffs of £11,500,000. Sweden and 

 Norway's position on the table is attributed to the dearness of timber. It is sur- 

 mised that the slump in the last quarter in the trade from Denmark and Holland is 

 due to a falling off in the export of dairy produce. Whether this was due to holding up 

 for higher prices, or the draining of the surplus produce into Germany cannot be deter- 

 mined. 



Canada's Share 



It is eminently satisfactory to find that all this overseas excess trade is not going 

 "out of the family." The British Dominions and India have shared largely in it. 

 Hostilities in South Africa spoiled her trade at the first quarter, but she has picked up 

 rapidly. In wool alone Australia has sent an excess of £8,250,000 for the ten months 

 ending October while her shipments of frozen beef and mutton have risen by £3,000,000. 

 New Zealand wool exports to us have gone up by £2,800,000, and her beef and mutton 

 to the same amount while she has also added £1,000,000 to her cheese account, 



36 



