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THE PRESEN1 ECONOMIC,J:tJNDITIONS AND OUTLOOK 419
£ 100,000,0&>, so ~hat in fact our shipping and commis-
sion business equals in importance the income from our
foreign investments. It counts in this matter for about
hal{ only of our export business so-called which amounts
to l 214,000,000, but ifw reckon only our manufactur-
t
ing for export it is much .more than a half, being in the
proportion of one to one and a half. Our manufacturing
for export eo nomine thu~ holds ~ smaller place in the
economy of our international trade than is commonly
supposed, although of course our earnings of freight
are really exports in another form, and give similar
employment to our metal industries, for instance, as
the exports so-called do.
The question with which we set out is thus answered
as far as the United Kingdom is concerned. Having
to obtain £398,000,000 annually for our consumption
from abroad. we have the following credits:
MID. £'s. MID. £'L
I. Income from foreign investments, etc.
(IindeNsh'maJed) • • • • . • 9 0
2. Raw materials and articles of food
and drink exported • • • . . 4 8
3. Net manufacturing produce exported,
including some raw material of
home production . • • • • 16 5
4. II Invisible exports "-
a. Earnings of ships • • . • 80
6. Commissions and brokerage 20
100
Total. . . • . . . 4 0 3
;;;;;;;;;;;;;;;
A consideration of the items suggests that so (ar
from its being difficult for the United Kingdom to pro-
cure its necessary imports, the balance in some years,
owing to its commanding position, must be very much
in its favour. It~ assets for purchase. are so enormous
that if a strict account could be taken 1t would be found
that continuous investment abroad is srill going on one
year with another, increasing our purchasing power in