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 then I will take in the whole period from 1854 to 1880, 1854 being the earliest year for which I possess the statistics. Now, what have we done between 1870 and 1880?

The Board of Trade returns record our

Did we pay away any gold for this excess? Let us see

The returns show that in these years

A result achieved during an unprecedented demand for gold throughout the world, owing to the currency requirements of the United States, Germany, Holland, and other states.

This ought to stagger our Neo-Protectionists; but if not I have yet another factor to bring into our calculation, and that is our foreign loan and investment account.

Having no official records to refer to, I can only make a rough estimate as to the probable balance of our transactions in this respect during the period in question.

In this time probably 500 millions of foreign loans were floated in London; and supposing that we took one-half of these, besides purchasing enormous amounts of United States securities, and investing in all sorts of industrial enterprises abroad, I do not think we should be very far from the mark if we put down the figure at which we have made the world our debtor during these eleven years as 350 millions. How will John Bull's external balance-sheet for these years then stand?