a l2 REPORT—1904. 
trade also. It will be observed that neither the amounts nor the dates 
of change correspond at all closely ; that, in fact, we should not know 
from inspection of the figures that they related nominally to the same 
phenomena ; and that we can only obtain an agreement even within 5 per 
cent. when we take the totals for ten years, giving the various errors the 
best chance of neutralising one another. 
Import Trade of U.S.A. from certain European Countries (i) as Registered by 
the Exporting Countries, and (ii) as estimated in U.S.A, Statistics. 
1=$1,000,000. 
a = 
Year ia ites |1890 ‘1891 1892 j1398 ‘1894 11895 1896 11897 1898 ‘1899 1900| 10 years 
5 | | | | i ins ~— are * 
‘copesigee acre 448 | 387 394/355 | 307 | 426 | 355 | 386 | 329 | 395 | =: |Acselee 
Gi). —.. | 448 | 447| 390 | 456| 293 381 | 416 | 427 | 303 | 399 | 447 | f 2/8? 
Adjusted | 447 409 434 B48 352) 404/424 344 367 431 | _- | 3'960 
| ' | ] i} 
The U.S.A. accounts are made up to June 30 each year. The third 
line in above table is obtained thus : For 1893, dof 45644 of 293=348, 
assuming that about two months elapse between the valuing of the goods 
in Europe and their entry in the U.S.A. records. 
The trade between the United Kingdom and U.S.A. is shown in the 
following table :— 
1= $1,000,000. 
Year . : . » |1890 si No pea 1893 | 1894 1895 
| 
l Bees 7 ‘ | 
11896 1897 11898 1899 10 years 
| | i 
U.K, Accounts. 
| 
Exports from U.K.— 
Foreign produce ./| 68| 65 
72 f 
Home produce - | 154] 182) 127,115} 90 
U.S.A. Accounts. 
Imports received of | | | 
produce of U.K, 
adjusted for dates. | 192 169/174 133 | 142 
| [ee ee TG | 
79| 54| 71| G5) 79) 666 
| 95/101] 71| 88| 1,103 
| } 
| 
| 
167 | 169 | 129 130 149 1,554 
F, Relation of Total of Exports to the Produce of a Country. 
The relation of the total special exports of a country to the value of 
the produce of home capital and labour contained in those exports is very 
complex. There is no evident & priorz connection between the two ; the 
value of exports may go up because imported raw material or partly 
manufactured goods have risen in value, while the home contribution has 
gone down or vice versd. In the comparatively rare cases of commodities, 
where the whole value is due to home labour or capital, the connection i3 
closer ; but even here we should often have to pay regard to the cost 
of imports used in the implements of manufacture, such as imported 
machines, coal, &e. 
There are in general no official published data which make it possible to 
1 Austria, Greece, Italy, Spain, Portugal, Switzerland, France, United Kingdom, 
Belgium, Holland, Germany, Norway, Sweden, and Russia (European and Asiatic 
ports). In exports from Italy are included those to Canada. Exports of foreign 
produce of the United Kingdom are included as exports from England. 
