1877*] National Wealth and Public Debt. 209 
carried in English vessels, but from the figures which will 
presently be given it will be clear that a large portion of the 
sea-borne trade of foreign countries must be carried in 
British ships. 
The total of imports and exports of merchandise into and 
from the United Kingdom during the year 1875 amounted 
in value to £655,551,900, of which the imports were valued 
at £ 373 > 939 > 577 > an d the exports at £281,612,323. After 
England, France stands next highest on the list, her imports 
and exports having been £176,900,000 and £188,084,000 in 
value respectively, thus showing trade of an aggregate value 
of £364,984,000, or only a little more than half that of the 
United Kingdom. Next comes the United States, with a 
total trade valued at £240,350,000 ; then Belgium, with a 
trade valued at £183,587,000 ; Austria, with a trade of the 
value of £152,636,000 ; and Russia, with only £120,120,000, 
the value of the import and export trades of other king- 
doms being still lower. Thus England, with regard to her 
imports and exports stands pre-eminently first amongst 
nations. 
Let us now examine these figures, so far as they relate to 
the English trade, in a little further detail. Of the total 
imports, those from foreign countries were of the value of 
£289,515,606, and those from British possessions of the 
value of £84,423,971. Of this trade, foreign and colonial 
produce to the value of £58,146,360, or about one-sixth of 
the whole imported, was re-exported in its original state, 
whilst by far the greater part of the imports that was not 
reserved for home consumption, and consisting probably of 
raw materials, was manufactured in this country and re- 
exported as British produce. This fadt alone will afford 
some idea of the importance of the manufacturing industries 
of this country. 
Besides the above, however, the bullion trade of this 
country is by no means inconsiderable. The imports of 
gold and silver bullion and specie for the year 1875 amounted 
in value to £33,264,789, whilst the exports for the same 
time were valued at £27,628,042, from which it would appear 
that £5,636,74 7 in bullion and specie remained in the 
country, in exchange, no doubt, for goods of British produc- 
tion or manufacture of an equal value, which sum therefore 
appears to represent the balance of trade with foreign coun- 
tries in favour of this country on the total transactions for 
the year. 
So gigantic a trade as is represented by the above figures 
must necessarily require a by no means inconsiderable fleet 
VOL. vii. (n.s.) p 
