Expressed in other words, this means that roughly speaking, one-third of our exports went to European countries, and two-thirds to countries in other parts of the world. We have thus about two-thirds of our ordinary export trade to come and go on--thanks to our command of the sea--and, thanks to our command of the sea also, the oversea commerce of Germany and Austria has for the time being completely broken down. In view of this fact, the significance of which has hardly yet been generally appreciated, it is possible for us at the present time to capture, if not all, at least a large proportion of orders from oversea countries which in the ordinary way would be given to German or Austrian firms. It would be foolish to say, of course, that our economic life can proceed as usual during a European war in which we are involved; but it cannot be too emphatically pointed out that our economical conditions here are, or can at least be made, infinitely superior to those prevailing in the countries with which we are at war, or even in Russia or France. German commerce is ruined; our commerce can be made almost normal. Take another point. We have a very large income from our investments abroad, which are valued at rather more than £4,000,000,000. It is estimated that our yearly income from this source is £200,000,000, and, in addition, for services rendered internationally, our bankers, brokers, shipping firms, and so on, receive an additional sum of £150,000,000. That is to say, in exchange not for goods but for services, we receive from various nations about £350,000,000 every year. True, a large proportion of this sum is derived from investments in countries affected by the war; and, on account of the war, many of these normal returns have fallen off. It must nevertheless be remembered that much of this large income comes to us from countries which are only slightly, if at all, affected by the dislocation--from India, for instance; Spain, the United States, all our own oversea dominions, and South America. Our interests in Central and South America alone are valued at £1,300,000,000. There are other points to be remembered in connection with our position as traders. At least ten million men in France, Russia, and Germany have now been withdrawn from industry and are engaged in war. The effect of this on the remainder of the adult population and on normal production is naturally very considerable. In this country we have not as yet found it necessary to withdraw such large numbers of men from their ordinary work. Practically half a million men have joined the second army, and another half-million are asked for. The withdrawal of a million men from our industries is not likely to be seriously felt, especially as many thousands of these men will be taken from non-productive occupations. There is, therefore, no reason why we should not continue our normal export trade as well as--though of course to a smaller extent--our carrying trade.