ON THE RECENT REVIVAL IN TRADE. 



437 



ended July 31 last witli those which came to a conclusion on the last day 

 of July in 1870. We can thus place side by side the figures for the worst 

 year of depression and the first year of recovery. 



Before entering into an examination of the details of the last two years, 

 it may be well to state the totals for each year since 1871 — that is, so far 

 back as they were collected on the same system as now exists ; and to 

 show the difi"erence in value between the goods imported and those ex- 

 ported, as follows : — 



[In millions of £'s to two decimals.] 



It will thus be seen that of the imports the twelve months jast ended 

 were the highest, and those of the preceding twelve the lowest of the 

 whole series. Of the exports, the period ending in 1879 was likewise the 

 lowest, but that just ended was by no means the highest ; whilst as regards 

 the preponderance of imports, the most recent is very nearly the greatest, 

 there having been, until 1880, a progressive decline in the value of the 

 exports. Comparing the years ending in 1880 and 1879 together, they 

 differ in all these particulars more widely from each other than any of the 

 preceding years, the growth in imports having been o8'53Z., in exports 

 ol'SSZ., and in the excess of the former 27"15Z. These figures include the 

 whole of the imports — those again sent away, as well as those retained for 

 home consumption ; and of the exports both the re-exports and the articles 

 of British produce and manufacture. 



Separating one class of exports from the other, it appears that in the 

 latter year they have amounted in value to 214,000,000Z. British, and about 

 57,000,000Z. foreign and colonial, as against 187,000,000Z. of the one and 

 63,000.000Z. of the other. These figures are not exact, for the accounts 

 of the foreign goods are only shown in total at the proper end of each 

 year, but they are accurate enough for the present purpose, and tell the 

 increase of British to have been twenty-seven, and in foreign between four 

 and five millions of pounds. These foreign and colonial goods show the 

 activity of trade, and add to the national receipts by the commissions 

 and profits on their sale, but, as regards the employment of labour and 

 capital, are of inferior importance to the British. 



In estimating the worth of this increase, very much depends upon 

 whether it has taken place in the quantities of the goods that have been 

 sold, or in the prices they have realised. From so many of the articles 

 being shown in the accounts in value only it is not possible to say how 

 this may have been as regards the whole, but by abstracting the principal 

 articles that are stated, both quantity and value, the relation of the one to 



