of our nation. Apart from its quantity, the quality of the new tropical export trade is of the lowest, consisting for the most part, as the analysis of the Colonial Office shows, of the cheapest textile goods of Lancashire, the cheapest metal goods of Birmingham and Sheffield, and large quantities of gunpowder, spirits, and tobacco.
Such evidence leads to the following conclusions bearing upon the economics of the new Imperialism. First, the external trade of Great Britain bears a small and diminishing proportion to its internal industry and trade. Secondly, of the external trade, that with