commerce of the world. This sum has
been estimated at L70,000,000 a year, but that is only a guess, and it
is certainly a high one. Lastly, we have the enormous sum annually due
to this country for interest on the money we have lent abroad. The
amount of this annual payment can again only be guessed at, but it
probably exceeds L100,000,000 a year. Adding then these four items
together, and making every allowance for over-estimates, we not only
account for the whole excess of imports over exports, but have a balance
over, which means that we are still exporting capital to foreign
countries. The capital we export goes out in the form of mining
machinery to South Africa, steel rails to India, coal to South America;
the interest due to us comes home in the form of American wheat,
Argentine beef, Australian wool, Indian tea, South African diamonds.

THE WORLD'S TRIBUTE.

Of what do the Protectionists complain? Would they have us forego the
interest we are owed? Apparently Mr. Williams would, for he says (page
19) that we ought not to spend all our income from foreign investments
"in foreign shops." How else, in the name of the Prophet, are we to
receive all or any part of what is due to us from foreigners, whether it
be due for interest on investments, or for goods carried, or for ships
sold? Does Mr. Williams mean that we are to compel foreign nations to
pay us a couple of hundred millions a year in actual gold and silver,
and then dig a hole in the ground and sit on our hoard like an Indian
cook who has saved money out of the perquisites of his profession? Gold
and silver are useless to us beyond a very few millions every year; if
more bullion were sent the market would reject it. If we are to be paid
at all we must be paid in foreign commodities, and the mechanism of
commerce enables us to select just those commodities which we most want.
This is the whole story of our excess of imports over exports.
Furthermore, that excess would be even greater than it is did we not
every year send fresh millions abroad on loan to our Colonies and
foreign countries, to produce in due course (it is to be hoped)
additional hundreds of thousands in the way of interest.

OUR _ENTREPOT_ TRADE.

There is one other important point to be dealt with in considering the
movement of our trade as a whole. It is this--that part of the enormous
quantity of goods we import is not consumed by ourselves, but is
re-exported to foreign countries or