the purpose, later years being disturbed by the war factor) amounted to £765,000,000. If we were to take the very liberal allowance of 5 per cent. as profit upon this turnover of trade, the annual income directly derived from our external trade would amount to a little over £38,000,000, or about one forty-fifth part of our total income.
If one is estimating the total income directly derived from taking part in processes of external trade, it would be necessary to add the salaries of commercial clerks, rents of offices, &c., paid by British mercantile firms engaged