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home market could not consume a tithe of the home product。 To
manufacture this home product she had sacrificed her agriculture。 She
must buy her food from abroad； and to do so she must sell her goods
abroad。
But the struggle for commercial supremacy had not yet really begun。
England was without a rival。 Her navies controlled the sea。 Her armies and
her insular position gave her peace at home。 The world was hers to exploit。
For nearly fifty years she dominated the European； American； and Indian
trade； while the great wars then convulsing society were destroying
possible competitive capital and straining consumption to its utmost。 The
pioneer of the industrial nations； she thus received such a start in the new
race for wealth that it is only today the other nations have succeeded in
overtaking her。 In 1820 the volume of her trade （imports and exports） was
68；000；000 pounds。 In 1899 it had increased to 815；000；000 pounds；… …an
increase of 1200 per cent in the volume of trade。
For nearly one hundred years England has been producing surplus
value。 She has been producing far more than she consumes； and this
excess has swelled the volume of her capital。 This capital has been
invested in her enterprises at home and abroad； and in her shipping。 In
1898 the Stock Exchange estimated British capital invested abroad at
1；900；000；000 pounds。 But hand in hand with her foreign investments
have grown her adverse balances of trade。 For the ten years ending with
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1868； her average yearly adverse balance was 52；000；000 pounds； ending
with 1878； 81；000；000 pounds； ending with 1888； 101；000；000 pounds；
and ending with 1898； 133；000；000 pounds。 In the single year of 1897 it
reached the portentous sum of 157；000；000 pounds。
But England's adverse balances of trade in themselves are nothing at
which to be frightened。 Hitherto they have been paid from out the earnings
of her shipping and the interest on her foreign investments。 But what does
cause anxiety； however； is that； relative to the trade development of other
countries； her export trade is falling off； without a corresponding
diminution of her imports； and that her securities and foreign holdings do
not seem able to stand the added strain。 These she is being forced to sell in
order to pull even。 As the London Times gloomily remarks； 〃We are
entering the twentieth century on the down grade； after a prolonged period
of business activity； high wages； high profits； and overflowing revenue。〃
In other words； the mighty grasp England held over the resources and
capital of the world is being relaxed。 The control of its commerce and
banking is slipping through her fingers。 The sale of her foreign holdings
advertises the fact that other nations are capable of buying them； and；
further； that these other nations are busily producing surplus value。
The movement has become general。 Today； passing from country to
country； an ever…increasing tide of capital is welling up。 Production is
doubling and quadrupling upon itself。 It used to be that the impoverished
or undeveloped nations turned to England when it came to borrowing； but
now Germany is competing keenly with her in this matter。 France is not
averse to lending great sums to Russia； and Austria…Hungary has capital
and to spare for foreign holdings。
Nor has the United States failed to pass from the side of the debtor to
that of the creditor nations。 She； too； has become wise in the way of
producing surplus value。 She has been successful in her efforts to secure
economic emancipation。 Possessing but 5 per cent of the world's
population and producing 32 per cent of the world's food supply； she has
been looked upon as the world's farmer； but now； amidst general
consternation； she comes forward as the world's manufacturer。 In 1888 her
manufactured exports amounted to 130；300；087； in 1896； to
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War of the Classes
253；681；541； in 1897； to 279；652；721； in 1898； to 307；924；994； in
1899； to 338；667；794； and in 1900； to 432；000；000。 Regarding her
growing favorable balances of trade； it may be noted that not only are her
imports not increasing； but they are actually falling off； while her exports
in the last decade have increased 72。4 per cent。 In ten years her imports
from Europe have been reduced from 474；000；000 to 439；000；000；
while in the same time her exports have increased from 682；000；000 to
1；111；000；000。 Her balance of trade in her favor in 1895 was
75；000；000； in 1896； over 100；000；000； in 1897； nearly 300；000；000；
in 1898； 615；000；000； in 1899； 530；000；000； and in 1900；
648；000；000。
In the matter of iron； the United States； which in 1840 had not
dreamed of entering the field of international competition； in 1897； as
much to her own surprise as any one else's； undersold the English in their
own London market。 In 1899 there was but one American locomotive in
Great Britain； but； of the five hundred locomotives sold abroad by the
United States in 1902； England bought more than any other country。
Russia is operating a thousand of them on her own roads today。 In one
instance the American manufacturers contracted to deliver a locomotive in
four and one…half months for 9250； the English manufacturers requiring
twenty…four months for delivery at 14；000。 The Clyde shipbuilders
recently placed orders for 150；000 tons of plates at a saving of 250；000；
and the American steel going into the making of the new London subway
is taken as a matter of course。 American tools stand above competition the
world over。 Ready…made boots and shoes are beginning to flood Europe；
the same with machinery； bicycles； agricultural implements； and all kinds
of manufactured goods。 A correspondent from Hamburg； speaking of the
invasion of American trade； says： 〃Incidentally； it may be remarked that
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