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,"IND'EX 459
US, ~J ~~ I Sta- McKay's ealculationa giving
Ilsties J.; ..
much the same result. 321.
. {actured \r~ -- Mr. Wynnard Hooper'sanaly·
• sis of 8CCDunt5 of our joint stock
297'~04 'l. .... shipping companies, showing
Re/i~~~e:: n:~~ ~':~ capital value. gTOSi income per
rq:istered ton (88 per cent. I, pro-
portl of a manufact~\t country portion 01 expenditure to gross
from d«line in value o/Imported rncome (91 per cent. I. average
raw material, 305. expenditure per ton. etc., 3:L4.
-- apparent exCCII of our im- - explanation 01 ItI6/~1 in Ap.
ports from America over our ex. pendix No. S. A to 1. items of
porta materially qualified by Ollt , our. gross earnings in ahipping
fe·export of l'llW material and buslDess. etc., 326'334-
carrying work done by Ollt ship- -- the interest Irom our invest·
ping, 306. ments abroad to be balanced
Balance of trade and balante of against the forty millions left
indebtedneu: generality of ex. (rom the previous calculatiolU
cess of imports, 308. &I the ClIceSS of our imports, 335.
SuppOIiition Ihat the country is run- - increase of the tonnage of our
nlDg into "ebt to foreig"en, and , sailingandsteamvessels,IB40-80.
erroneous statement of bills in 336.
foreign trade, 309. -- excess ofimportl, ahowingin-
Great etrect of slight percentage crease also of charges to be de-
alteration ohalues, and levels of ducted from them, 338.
prices from feu to yellr, and of Excess of imports or esports in
disturbing events. ~Io. France: and,United States: large
Imports of all countries in 1878'79 excess of exports o( latter partly
greater than their exports, par· balanced by expenditureofAmer.
tially accounted (or by imports iean citi&ens abroad. and interest
including cost of conveyance, ill foreign capital employed, 340-
3 11 • Excess either way of France not
Excess of imports In British Em- 'marked, 343-
pire, European countries and Import and export statistics, and
Australia, over that of exports in the protectionist controversy: dif·
other quarters of the globe (Bri· ficulties in arriving At any cer·
tish India. America, etj;.h 314- tainty from statistics as to effects
-- countries with excess of ex· of either .. Igi_. materially, mo-
porta not necessarily most pro- rally, and politically, 344-
sperous, 31 S. Mr. Baden PoweU's comparison of
-- excessofourimportssince 18S4 free trade and protection in New
in three·year periods. and of the South Wales and Victoria (re.
world, 1867"9. 31S. ferred to). 345.
How excess o( imports into United N~tive use of import and export
Kingdom is to be accounted for, statistics I our increase since 1840
3 17. equal to one·third 01 ~n
-- what is due to us as a ship- trade of the rest of world. 350-
.o~i~g and ca~ng nation: pro- ~p~shoWQinourr~gn
positions carrylDg the case of ex- trade, 1840-80, in cotton, and
cess of imports, etc. (seventy.six exports of iron and steel, bard·
millions out of one hundred and ware and cutlery, machinery and
sixty·two millions for freight and c:oaJ,thus showing negatively free
miscellaneous charge~, 318- trade to be consistent with oar
_ Mr. Bourne's calculations of prosperity. 352'358-
freight being 11 per cent. on our -- decline of ~ces since 1870, an
imports. and lo and 30 pet cent. element in duninished increase in
for saillllg vessels and steamen export values; increase of Ollt
on our exports (total for us of shl"ing business a means 01 ac-
nearly sixty millions). 320- COUllting for non·increase ol out
--' ME. Newmarch and Mr. apparent esports, JS90