=277. Growth, notwithstanding, in the commerce of France.=—The reader must not infer from preceding paragraphs that French commerce was stationary or declining in the eighteenth century. Colonial expansion was often a long-time investment, from which a country could hope to recover the full return only after the lapse of generations, sometimes after the colony had established its freedom. The full effect of the French policy is apparent only in the nineteenth century, and elements which we have not yet considered must be taken into account to explain why France has been passed by other countries in the race for industrial supremacy. In the eighteenth century, in spite of a misguided foreign policy, in spite of burdensome taxes, and in spite of a vicious organization of internal trade and manufactures which will be described later, France profited by her size and resources to build up a great foreign trade. Some features of this trade will be apparent from the following table, to which the same remarks apply that have already been made on the subject of statistics. The figures show in millions of livres (and a rough equivalent) the trade of France with the various continents in 1716, when the country was just recovering from war and commerce was unduly depressed, and 1787, when a short period of unusually active trade preceded the French Revolution. [Illustration: FRENCH COLONIAL EMPIRE From the 17th to the early 19th Centuries] COMMERCE OF FRANCE BY CONTINENTS ============+========================+====================== | 1716 | 1787 ------------+------------------------+---------------------- Europe | liv. 176.6 $ 35. | liv. 804.3 $ 161 America | 25.8 5. | 269.9 54 Asia | 9.2 2. | 52.1 10 Africa | 1.1 0.2 | 6.5 1 | ------ ----- | ------- ---- Total | 214.9 43. | 1153.5 230 ============+========================+======================