Thanks to the tariff of the United States the balance of trade with North America is heavily against New Zealand.
The balance of trade is always against India, because she is a debtor country, and has to pay interest on borrowed capital, and the " home charges " for the upkeep of the civil and military services and of the secretary of state's establishment in London.
In the Swedish House of Nobles his contributions to political discussion had great influence, and he dealt with such subjects as the currency, the decimal system, the balance of trade and the liquor laws (where he was the pioneer of the Gothenburg system) with marked ability.
(From 1875 onwards the balance of trade had been in favour of Austria; in 1907 it turned against her, and from this time the adverse balance showed a steady increase until 1913, when it slightly diminished.) According to the census of 1910, out of 16 million persons following an occupation 8.5 millions were engaged in agriculture and forestry, 3.6 in industr y, 1 6 in commerce and transport, 2.3 in the public services, liberal professions, etc. Agriculture is thus the basis of economic existence for the greater part of the population; and the favourable crop statistics for the last years preceding the war, and especially the record harvest of the year 1912, must have had a beneficial influence upon the economic situation.