4 Flux, Costs of Sea Transport in proportion to Values. 



able allowance for freight and commissions. During 

 the succeeding five years, the records on both sides 

 averaged about 35J millions sterling yearly. Then comes 

 a change, and, in the ten latest years of the record 

 the averages have been : American imports from United 

 Kingdom, £34,000,000; British exports to America, 

 rather over £40,000,000. The goods have lost some 

 15 % of their value in their journey across the Atlantic. 

 Apart from this fatal weakness, the American system of 

 valuing imports at their value in the country of origin 

 would deprive us of useful evidence on this part of the 

 trade. Before leaving the American trade, it may not be 

 amiss to record the comparison of the figures of the 

 movement eastwards to us. The British figures of 

 imports exceed the American figures of exports by 

 15% in 1876-80, by j\% in 1881-85, by n h % in 

 1886-90, and by 7 % in 1891-95. The fact that the 

 American official year ends in June will not seriously 

 disturb the comparison of five-year averages. 



The last point mentioned makes it advisable to state 

 that the comparison of the figures year by year cannot in 

 any case be entirely satisfactory. Goods are exported 

 from one country in the later months of one year and 

 there recorded as exports, but may not reach their 

 destination till the next year has begun, and thus fall 

 into a different year when regarded as imports. The 

 movement of this kind may easily differ considerably in 

 successive years, but the irregularity will be slight when 

 spread over the records of three, five, or more years. 

 Similarly the differences in the dates at which accounts 

 are made up (those of India, for example, being made 

 up to March 31st) will not seriously disturb averages 

 extending over three years at least. 



For the purposes of the inquiry to be made, I shall 

 take the United Kingdom as one of the countries in the 



