ABSTRACT
A few words must be said now about a peculiarity in Anglo-American trade which had showed itself in the middle of the century, which was becoming prominent just after the war, and very striking in the early seventies. I mean the excess of the United States exports over her imports. In Diagram I. this excess is shown, together with the invisible imports and exports which partly account for it and partly accentuate it. Of these, we observe, there is one element which year after year operates more and more in adding to the excess, namely, the balance of shipping charges owing by the United States to us. The excess which remains after allowing for these charges, and also for gold and loans, is due to indirect trade. Indirect trade as well as shipping balances begins about 1865 to increasingly weight one side of the account.
