ON THE KECEXT REVIVAL IN TRADE. 



441 



carried on, and the altered conditions in -which it stands. The figures 

 that may serve to illustrate these points are not so complete as those -with 

 ■which -we have been dealing, tor it is only at the close of each year that 

 the necessary accounts are published, and these do not show the trans- 

 actions of the respective months which must form a portion of any period 

 ending otherwise than on December 31. The quarterly accounts furnish 

 materials for compiling the value of the -whole imports for the twelve- 

 month ending in Jiine, but not for those re-exported ; and those for the 

 exports contain only the values of British produce and manufacture. 

 From these data, ho-wever, it is possible to obtain a pretty clear idea of 

 the directions which the trade has been taking, and the differences bet-ween 

 its progress during- each of the t-welvemonths completed on June 30, 1879 

 and 1880. 



The following is a condensed account of the value of the United 

 Kingdom manufactures which have been exported to the British posses- 

 sions and foreign countries. 



If we except Australia, to which there has been so marked a decline — 

 the effect, doubtless, of her protective tariff —the only countries that show 

 a great difference in the two years — and these both in the way of increase 

 — are British India and the United States of America. India has taken 

 from us in cotton yarn and piece goods to the value of 18-99L against 

 14-72Z., thus nearly accounting for the above excess, and going far 

 towards repaying us for the raw cotton purchased from her. The United 

 States have drawn upon us for iron and other metals to the value of 

 11-03L against 3-14Z., and for cotton and other textiles 9-56Z. against 

 5-34^., thus more than returning the increased sums paid by us for her 

 wheat and flour. 



Following the same ai-rangement, the imports for the same period 

 show thus : — 



