in volume of external trade is considerable when the fall of general prices since 1870 is taken into account, it is quite evident that neither the volume nor the value of external trade has kept pace during this period with the volume and the value of internal trade. While the total income per head of the population has certainly increased by as much as 20 per cent., the value of external trade per head has actually shrunk.
Next, let us inquire whether the vast outlay of energy and money upon imperial expansion is attended by a