millions, leaving an excess of imports of 994 millions—994 millions! How in the name of fortune, one is inclined to ask, was this excess settled for? How much gold and silver went out of the country to pay for these 994 millions of commodities? Let us see. Again we turn to the records, and we find that during the period in question our imports of the precious metals were in round numbers 341 millions, and our exports 306 millions, leaving in our hands 35 millions. It actually turns out, therefore, that we have not only got these commodities, but have, in addition, pocketed this large sum on balance, notwithstanding the fight for gold which has been going on in the world for currency purposes. But surely, some one will say, it cannot be possible for us to have got in all these goods, and all this cash, without parting with our securities? We shall see. We have no Board of Trade returns for our foreign loan and investments account, so we must be content with an approximate estimate. You have all heard of foreign loans, many good, some bad. Well, during these eleven years, probably 500 millions of these were floated in London. Let us say we took one half of them, that is 250 millions. Then, for purchases of American and other securities, and for investments in all sorts of foreign industrial enterprises, and for commercial advances, let us put down a balance of 100 millions. These two amounts give us a total of 350 millions, for which John Bull has made the world his debtor during these eleven years. We thus see that what with the goods, cash, and securities, John Bull, who is supposed all this while to have been going to the dogs, has managed to appropriate on balance no less a sum than 1,380 millions sterling. I think you will admit that this is not a bad result for a nation which is said to have been going to ruin fast during the last few years. The idea of ruin is ridiculous, farcical! Mark, there is no possible escape from the conclusion. I have shown that as a nation we, in this series of years, have managed to acquire on balance all these three things—commodities, bullion, and securities; and that, as there is no other mode of settling international accounts but by means of one or other of these three, the proof I give amounts to mathematical demonstration.
