Page 423 - clra62_0019-(GIPE)

THE PRESENT ECONOMIC CONDITIONS AND OUTLOOK 4'5
while the rt:mainder, £165,000,000, or 77 per cent.,
consists of II manufactures" divided into three groups
of nearly equal amount, viz.: textiles, £5 1,340,000;
metals and manufactures thereof, £57,256,000; and
miscellaneous manufacles, £56,5 II ,000. Much has
been said lately as to the growing importance of
coal and raw materials i our exports, and the dimin-
ishing importance of our anufactures, but it can hardly
be said, I think, that a proportion of 23 per cent. only
for food and raw materials among the exports ofa
manufacturing country is a very high one or alters in
any way the impression that our exports are chiefly of
manufactures. The relative proportion of the different
groups of manufactures themselves appears to suggest
something more deserving of remark. There is a
common impression that the exports of textile manu-
factures are by far the most important to us. This was
undoubtedly the case many years ago. But when the
figures are rectified, so as to compare with each other
in respect of the net produce oflabour and capital they
contalO, it is found that the exports of textile manu-
factures constitute only one of three groups into
which these exports of manufactures may be divided,
and that the headings of II metals" and" miscellaneous II
each rather exceed in importance the textile group. It
has long been noted by English economists who are
also men of business that this miscellaneous group
was increasing in importance. This was especially a
constant theme of Mr. N ewmarch in his last papers read
to the Statistical Society. It suggests, obviously, the
magnitude of changes in the course of business which
are constantly going on. It may well be that a leading
cause of our textile exports declining relatively in im-
portance is largely due to the growth of human wants
in -all directions which are forcing business into new
~hannels, and that the smaller place of textiles in our
exports is a sign of progress ~nd !lot (;f retrogr~ssion.
As far as the present question IS cOl'cerned, It may
be pointed out that while the appearance of articles of