The Pamphlet Collection of Sir Robert Stout: Volume 56
The Balance of Trade, and How it is Paid
The Balance of Trade, and How it is Paid.
It is said we are draining ourselves of gold to pay for the excess of Imports. What are the facts?
The account of Imports and Exports on the first page shows and excess of the former over the latter of £94,403,259, but the Exports of Bullion and Specie only show an excess over Imports of £1,677,369,01 seventeen farthings in the pound. It may be said that a single year is no test, but the case of the Fair Traders is not strengthened by taking a series of years. The following are the figures for the previous ten years:—
Imports of Commodities, 1874 to 1883 | £3,893,822,521 |
Exports of Commodities, 1874 to 1883 | 2,778,247,656 |
Excess of Imports | £1,115,274,865 |
Imports of Gold and Silver, 1874 to 1883 | £268,391,090 |
Exports | £253,811,086 |
Excess of Imports of Bullion and Specie | £14,580,005 |
From which it would appear, according to the Protectionist theory that the foreigner had paid us £14,000,000 in Bullion and Specie to take £1,115,000,000 worth of goods off his hands.
Received for Ocean Carrying Trade | £46,000,000 |
Received Marine Insurance | 3,500,000 |
Received Interest upon Capital | 5,000,000 |
Received Merchants' Profits | 17,600,000 |
Received Interest on Foreign Investments | 56,000,000 |
£126,000,000 |