12 AUGUST 1882, Page 21

International Trade. By Sir John D. Phear. (Maomillan.)—Sir John Phear

deals here with the problem which is at first sight so per- plexing, the constant preponderance of imports over exports in our Trade Balance-sheet. It looks as if we are always buying more than we are selling. A private trader who should do that would certainly use up his capital, and finally come to grief. But there are a good many considerations which alter the case, when we come to deal with a nation. The writer of this essay, which was originally read before a Liberal Association, sets them forth. "The extraordinary wealth of England is, in a very large degree, fed by the excess in regard to value of her imports over her exports." This is his conclusion, in diametrical opposition, it will be seen, to the popular belief. Imports come to us in exchange for home productions, for service rendered to foreigners (especially the carrying service, of which we have a vastly preponderating share), for interest on investments abroad, &o. The argument is very conveniently put in this little volume.