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BACKGROUND OF THE LONDON CONFERENCE 337
        NEW ZEALAND
        U.S.    U.K.        Gain       Loss
1913    9.5     59.7
1927   18.0     47.9  U.S.   8.5 U.K.   11.8
UNION OF SOUTH AFRICA
1913    8.8     50.1
1927    15.3    42.8  U.S.   6.5 U.K.    7.9
INDIA
1913     2.6    64.2
1927     8.9    47.8  U.S.   6.3 U.K.   16.4
In all its possessions, according to this chart, we can see that Great Britain's share in commerce is continuously on the decline. On the other hand, the United States' share is continuously increasing. It is well established that the gains which American imperialism made in Latin-America and in the Empire is at the direct expense of the United Kingdom.
THE SIGNIFICANCE OF THE REVOLUTIONARY STRUGGLE IN INDIA
Among the new most outstanding factors undermining British capitalism is the growing revolutionary movement in India. The rapidly developing revolutionary situation in India involving hundreds of millions of exploited colonial people, is today being recognized by the imperialist powers themselves. British imperialism itself feels that its rule in India is continuously becoming undermined and shaken, and the struggle for national independence under direct leadership of the Indian proletariat cannot be postponed even by the treacherous acts of the Labor Government.
The rapid tempo of the Revolutionary situation in India is being accelerated by the ever growing agrarian crisis. Even the imperialist League of Nation is calling attention to the deplorable fate of the Indian peasants. Nothing, however, can solve the agrarian crisis in India except a proletarian revolution. No reform will improve the condition of the Indian peasants. This fact is known to the national bourgeoisie as well as to British imperialism. On the other hand, however, we find that the class relation in India are more sharply developed than in any other colonial country. The heroic struggles of the textile workers, the heroic struggles of the railroad workers in India show that there is a working class being prepared and trained for leadership not only of the national liberation movement, but also in the coming social revolution. Because of all these factors, the bourgeoisie feels that the disintegration of British imperialism, the maturing of the revolutionary forces in India and the exposure of the national bour-