Page:The empire and the century.djvu/124

Total Exports to Neutral Markets during the last Quarter of a Century (1880-1904).^[1]

		Million £ (Quinquennial Average).
	1880-1884	58⋅9
	1886-1889	54⋅9
	1890-1894	60⋅8
[2]$\scriptstyle {\left\{{\begin{matrix}\ \\\\\ \ \end{matrix}}\right.}$	1896-1899	61⋅9
	1900-1904	74⋅0
	Increase, 1880-1904 in million £	20⋅1

Even these figures do not mean all that they suggest on the surface. By far the largest part of the increase, it will be observed, has occurred during the last decade only. It will be sufficient, therefore, and much simpler, to take for analysis the result of the two quinquennial periods 1895-1899 and 1900-1904. In the first place, it is to be noticed that a large proportion of our exports to the neutral markets consist not merely of coal, but of coal sent to bunker British vessels abroad. In the last few years a 50 per cent, larger quantity has been shipped for that purpose than in the previous period. This, of course, does not mean gain in our manufacturing trade with the neutral markets. Secondly, Group B is a great Lancashire interest; and another important proportion of the increase in the 1900-1904 average over the 1895-1899 average is accounted for by the temporary circumstances of the cotton boom and the higher price of cotton. Thirdly, if the returns are dissected—the assertion is made with confidence, though the statistical proof is omitted here, to avoid encumbering the argument with detail—the largest percentage increase will be found to have occurred in our dealings with 'the Portuguese Colonies,' which in its turn is mainly accounted for by the fact that 'the Portuguese Colonies' include Delagoa Bay. The next largest proportional

1. It is probable that our trade with these countries in the present year will be nearer £90,000,000 than £80,000,000; just as trade to the chief protected countries' went up immensely after the Franco-German War.
2. Excluding ships, not previously returned.