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 exports of the United Kingdom, Germany, France, and the United States during the last twenty-five years. The figures are arranged in accordance with the wishes expressed by Free Traders at the opening of the fiscal controversy. No single year is taken as a point of departure. To avoid all disputes as to the significance of 1872 and the exceptional character, as it is contended, of the inflation and reaction following the Franco-German War, the seventies are altogether excluded. No attempt is made—for the present—to go below the surface of the totals, to distinguish coal from manufacture, or to examine the morphology of the trade. New ships are included, and the figures are made up in quinquennial averages. Every concession being made that Free Trade statisticians can demand, the result appears as follows:

We shall have to make further reference to this table; but it is at least clear, when the figures are arranged for