Trade World Statistics 1

The following table shows, in gold pounds, the value of the world's trade (imports for consumption and domestic exports) in 1913 and in 1924-6. The figures are taken from the League of Nations' "Memorandum on International Trade and Balances of Payments" and have been converted from dollars at $4.867 to the f.

The difference in the total figure for 1913 from that previously quoted is due to the exclusion of the trade of the Netherlands in the present table, owing to the pre-war figures not being com parable with the post-war figures. Making allowances for the changes in prices and multiplication of frontiers, it appears prob able that, in 1924, the volume of the world's trade was about 71% smaller than in 1913, that in 1925 it had increased to slightly above the 1913 volume and that in 1926 it further increased to about 5% above the 1913 volume. The figures of value for the year 1927 are about 4% greater than those for 1926, and, making allowance for changes in prices the increase in volume was prob ably somewhat greater.

While, on the average of the years 1924-6, the volume of the world's trade was about as great as in 1913, there has been a marked change in the relative importance of the continents and principal countries. The share of Europe has sharply declined, while those of America and Asia have increased considerably. As already seen, a similar movement, due to the resources of the world being opened up, was taking place gradually before the war. The following table, taken from the League of Nations' "Memorandum," shows the percentage distribution of the world's trade by continents in 1913 and 1924-6.

*Excluding the Netherlands, owing to the 1913 figures not being com parable with those of post-war years.

The increased share of America is almost entirely attributable to the great increase in the trade of the United States, while that of Asia was mainly attributable to Japan and British Malaya. The fall in Europe's share of the total is mainly attributable to eastern and central Europe, though western Europe's share of the total also decreased somewhat.

Special Trade in Merchandise (Imports+Exports in Million gold f) *Changes of customs frontier have considerably affected the trade of these countries since 1913.

t Owing to changes in statistical method, the figures for post-war years are not comparable with those for 1913.

Excluding reparation deliveries.

World Trade in Manufactures.

The World War stimulated the development of manufactures in most countries of the world because of difficulty of obtaining the usual supplies of factures from the principal manufacturing countries. It is, there fore, of interest to ascertain whether, after the war, the trade in manufactured goods has become relatively less important than it was in 1913. Owing to the different classifications of goods adopted by the various countries this is a difficult task, but the British Board of Trade has made an estimate of the world's exports of manufactures (as defined in the Brussels International Convention classification) in respect of the years 1913, 1924 and 1925. The general results obtained were that in 1913 about 35%

of the world's exports of merchandise consisted of manufactures, in 1924 about 36% and in 1925 about 353%. Thus what slight change there has been appears to be in the direction of a compara tive increase in the trade in manufactures. Such an increase may be due to prices of manufactured goods having risen relatively more since 1913 than those of foodstuffs and raw materials.

*Considerable changes of customs frontier affect these countries.

In 1913 the first four countries accounted for about three quarters of the world's exports of manufactures, and in 1924 and 1925 for about two-thirds. Germany's share decreased substan tially, while that of the United States increased. Among other countries, the most significant features are the increased shares of Japan and Canada. The increased share of Austria-Hungary and the Succession States is more apparent than real, owing to the additional frontiers created between these territories. (See also TRADE ORGANIZATION and COMMERCE.) BIBLIOGRAPHY.—Horatio Brown, The Venetian Republic ; Sir William Petty, Essays in Political Arithmetick (1755 ed.) ; David Macpherson, Annals of Commerce (4 vols., 1805) ; J. R. McCulloch, Descriptive and Statistical Account of the British Empire (2 vols. 1854) ; G. R. Porter, Progress of the Nation (1851) ; Nina Bang, Tables de la Navigation et du Transport des Marchandises passant par le Sund, 1497-1660 (1906) ; F. X. von Neumann-Spallart, Ubersichten der Weltzvirtschaft (certain years between 1878 and 1896) ; Otto Hiibner, Geographisch-statistische Tabellen (1889-1911). OFFICIAL PUBLICATIONS: United Kingdom:—Report on Wholesale and Retail Prices [HC. 321] (1903) ; Customs Tariff of the U.K., 1800-1897 [C. 8706] (1897) ; Statistical Tables and Charts relating to Foreign Trade and Industry, 1854-1908 [Cd. 4954] (1909) ; Statistical Abstract for Principal and Other Foreign Countries (last published in 1914) ; Statistical Abstract for the United Kingdom (annual). United States:—Statistical Abstract of the United States (annual). France:— Tableaux decennaux du Commerce de la France; Annuaire Statistique de la France (annual) ; Statistique de la France—Commerce Ex terieur (1837). Germany:—Hamburgs Handel and Schiffahrt (1911) ; Statistisches Handbuch fiir das Deutsche Reich-Zweiter Teil (19°7) ; Statistisches Jahrbuch fiir clas Deutsche Reich (annual). League of Nations:—Memorandum on International Trade and Balances of Payments (annual) ; Memorandum on Production and Trade (annual) ; International Statistical Year Book (annual). (A. E. 0.)