442 



BEPOKT — 1880. 



These figures indicate that the expansion of our import trade has been 

 a benefit to almost every country, though here India and the United 

 States, with Egypt, have been the most prominent. In all these the two 

 great articles of corn and cotton have had the principal part. That with 

 the various countries of Europe is so large that a slight addition to each, 

 arising in great measure from our demands for corn, makes up a con- 

 siderable total. The chief interest, however, centres in the supplies we 

 have drawn from the United States. Wheat and flour together amounted 

 in 1878-9 to 17-46L, and in 1879-80 to 26^58^.; cotton to 2-2-68Z. in the 

 former, to 28'37Z. in the latter. 



The analysis to which these figures have been submitted serves to 

 bring out many points of especial interest connected Avith the present 

 revival, and should afford much food for thought as regards its probable 

 course and duration. 



In the first place, it shows that, great as has been the increase in our 

 exportations, that in our import trade is far greater. If we have sold in 

 the last twelve months to the value of 32,000,000Z. more than we did in 

 the previous twelve, we have also received more goods to the value of 

 59,000,000L, thus leaving a greater balance to be provided for. No doubt 

 a considerable portion of that 27,000,000Z. will remain with us in payment 

 for freights, commissions earned, or profits realised ; but an ample allow- 

 ance for these must still leave a large amount to be met either by payments 

 in bullion, the transfer of securities, or as deferred obligations. Nor must 

 it be forgotten that there is a continual stream of capital flowing from 

 this country for investment in our colonies and in foreign lands, which 

 going out mostly in goods, or in bills which serve as payment for goods, 

 the actual receipts for our exports are lessened thereby. There is, on the 

 other hand, capital returning for investment here, which in like manner 

 is represented by imports ; but all our espei-ience justifies the supposition 

 that the influx from this cause is less than the eSlux. Much of the former 

 is held here on foreign accoiint, liable at any moment to be withdrawn ; 



