of error vitiate the figures published in the
German Green Books, and it may safely be asserted that there is no means
of ascertaining with even approximate accuracy how much British iron and
steel goes to Germany and how much German steel and iron comes to Great
Britain. What can be ascertained is the total export of German iron from
Germany to all parts of the world, and the total export of British iron
from the United Kingdom to all parts of the world. This comparison,
which is one of the best means of testing the relative progress of Great
Britain and Germany, is worked out in the following table:--

IRON AND STEEL GOODS.

In Millions of Tons, Metrical and British.

[A Metrical Ton = 2,204 lb.; a British Ton = 2,240 lb.]

---------------------------+----+---+---+---+---+---+---+---+---+---+---
|1884|'85|'86|'87|'88|'89|'90|'91|'92|'93|'94
---------------------------+----+---+---+---+---+---+---+---+---+---+---
Total Exports from Germany | | | | | | | | | | |
(Metrical Measure) | .8| .7| .8| .8| .7| .7| .6| .8| .8| .8| .9
| | | | | | | | | | |
Total Exports from Belgium | | | | | | | | | | |
(Metrical Measure) | .4| .3| .3| .4| .4| .5| .4| .4| .4| .4| .4
| | | | | | | | | | |
Total Exports from United | | | | | | | | | | |
Kingdom (British Meas.) | 3.5|3.1|3.4|4.1|4.0|4.2|4.0|3.2|2.7|2.9|2.6
---------------------------+----+---+---+---+---+---+---+---+---+---+---

The above figures undoubtedly show a distinct decline in British exports
of iron and steel, but they also show that that decline is not due to
the increased invasion of our own or of neutral markets either by
Germany or by Belgium. It is due to a decline which subsequent events
have shown to be temporary in the world's demand for iron and steel
goods. Even were this decline permanent, it would not be the fault of
our manufacturers, nor--except as a device for reducing their personal
expenditure--is there any reason why these gentlemen should sit in
sackcloth and ashes.

STATISTICAL LEGERDEMAIN.

We pass to the subject of shipbuilding. Mr. Williams is good enough to
admit that England is actually at the head of the shipbuilding trade.
But having made this admission, a pang of regret comes over him, and he
tries to show that he is justified in p