If that circumstance is of a kind to weigh in the balance, it ought to be imputed as a ground of complaint against all nations carrying on a practical colonial policy, and whose possessions export more than they import. The Congo State is neither the only nor even the first colony where this excess has been exhibited. The exports of the English colony of South Nigeria have always surpassed the imports. Here are the figures: 1896 1897 1898 1899 1900 Imports 750,000 655,000 640,000 732,000 723,000 pounds ster. Exports 844,000 785,000 750,000 774,000 888,000 pounds ster. Statistics of the trade of the English colony of Lagos: 1896 1897 1898 1899 1900 Imports 881,000 758,000 892,000 960,000 832,000 pounds ster. Exports 975,000 810,000 882,000 915,000 885,000 pounds ster. Here also, except for 1898 and 1899, the total of exports exceeds that of imports. The case is the same with the commerce of the Gold Coast and the Gambia. The French colonies also—Ivory Coast, Dahomey, Guinea, and French Congo—can also boast of having frequently had their exports higher than their imports. No one has ever yet pretended to make that a grievance against the English and the French, and it must appear astonishing that the favourable trade statistics of the Congo State should lead to an attack on the system of its administration. It would be very desirable if, following the example of the Congo State, and as we have seen of the English and French colonies, our possessions [the German] across the sea were to show exports exceeding their imports. For a commercial firm that is the best proof of success, and it cannot in any way be concluded from this fact that the “poor” blacks of Africa are being exploited by Europeans devoid of conscience. But let us see if the Congo State exports really do exceed the imports, and if so, by what sum. The exports of the State are estimated in the tables at their value in Antwerp, after they have been harvested, prepared for transport from remote parts of the Congo Basin, stood charges of porterage, freight, export duties, taxes, insurance, brokerage at the African and European terminals, and merchant profits of an indefinite measure—in all, at least half their European value. The original value of Central African ivory, rubber, palm oil, gum copal, and other exports is, in fact, less than half their market value in Europe. In other words, if the exports of the Congo State were estimated at their value as they left the forests or the native collector, instead of aggregating 54,597,835.21 francs for the year 1903, they would show but 27,298,917.16 francs.