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From the PREFACE. The subject set for the essay for the Cobden Prize awarded at Cambridge University in December, 1892, was, Changes in the Volume, Character, and Geographical Distribution of England's Foreign Trade in the Nineteenth Century, and their Causes. The essay which was then successful was not published at once, but has been re-cast and completed, while additions and changes have been made to bring it within the scope of the Social Science Series. As it now stands, it does not profess to be a complete account of our recent foreign trade-that being of course impossible in a book of this size, where the subject of each chapter would easily fill a volume by itself; but an endeavour has been made to point out and give the right prominence to the more important of the events and causes that have affected the growth of trade, to touch on the more obvious of the social effects of this growth, and more especially to furnish an introductory text-book, which will supply the fundamental facts of this century's commerce in an easily accessible form. Tables of figures have been as far as possible avoided, since they are liable merely to weary the reader without affording him any real information; but their place is supplied by diagrams, on the use of which it is desired to lay special stress. By these it is possible to present at a glance all the facts which could be obtained from figures as to the increase, fluctuations, and relative importance of prices, quantities, and values of different classes of goods and trade with various countries; while the sharp irregularities of the curves give emphasis to the disturbing causes which produce any striking change. In many cases, perhaps, more can be learnt by considering and accounting for all the features of a diagram than in any other way, so that the text of this book may to some extent be regarded as an explanation and interpretation of the plates. Great care has been taken to ensure the accuracy of these; they are substantially the same as those sent with the original essay to the Vice-Chancellor, but have all been redrawn and verified. A. L. B.

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