The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1887-08-13 00:00:00

citoarbribge Obsetter

SATURDAY, AUGUST 13,1887.
HOW -.MADE STANDS.

WHILE feeling some sort of satisfaction at
the aesurance which the First Lord of the
Treasury gave the House of Commons on
Tuesday night that it would be the desire of
the Government to consider the preeent
depressed state of trade and especially of
agriculture, it may not be unprofitable or
uninteresting to look at this moment at our
trade as it stands. The Board of Trade
returns for July give us an available oppor-
tunity for making an instructive examina-
tion. There are those who, like Mr. Norris,
Mr. Smith's questioner in the Commons,
think very strongly that our trade generally,
and oar agriculture particularly, will never
be in a state thoroughly satisfactory to those
engaged therein until a considerable modifi-
cation of our present fiscal system has been
made, to the end of driving away foreign
competition, or giving us, at any rate, an
advantage over it. On the other hand there
are many, strongly of opinion that free and
unfettered commerce is the best for all the
urarla, ennqnnntly fnr avary cora.
inanity,. who would have no restriction
whatever laid upon impoets and expo. ts, and
who look for improvements and new econo-
mies in our modes of manufacture and
industrial processes of every sort to enable
Britain to hold her own in the markets of
the world. Here and now we shall not say
one word as to the merits of the well-worn
arguments of the free-trader and protection..
ist, except to recognise that, when properly
put, each has a good case, technically speak-
ing, and to record the conviction that it is
hopeless to bring about an agreement between
those who have taken opposite sides on the
questi4 n. The subject is one of sufficiently
vital moment to warrant all the attention
which any Government can give to its con-
sideratien ; and her Majesty's present
advisers have certainly done well to promote
as lunch as possible a Conference in London
on foreign bounties, which form an import-
ant branch of the subject we are dealiog
with. Of bounties on the whole we will
venture to say broadly however, before pass-
ing on, that the trade which is not strong
enough to sustain itself without their aid is
hardly worth having. Are our commerce
and the industries from which it is fed in so
deplorably bad a state as many men would
have as believe? Depression there has been,
depression there is; bat, on the whole, we
contend that no such ground for grumbling
exists as the confirmed pessitniet and his
chorus of men who have failed are con-
stantly bidding us deplore. More than this,
we hold that if we had fewer complainers
and more men diligent in business, the cern
mercial outlook would be a good deal
brighter than it now is. The condition of
railways and railway work is not at all a bad
criter:on of the state of the trade. The last
railway dividends arc an improvement on
their predecessors, generally speaking, ane
this has been brought about notwithstanding
considerahle cheapening of the goods rate 3,
for we find twit traffic has increased more
than proportionately. That proves conclu-
sively thee the whole machinery of prodne-
tion and indast..y have been of late more
fully call*); eI. Rates have been forced
down, but not below remunerative mark, or
dividends would decrease; and all the pro-
duce carried finds a markets. Depression is
not so alarming, then, in many directions as
we have been a 4lced to believe. The demand
exists, it is supplied, and the prices should
be so regale:eel that a living profit ought to
redeem to all legitimately concerned in the
production of the articles concerned. Let
us, by ell means, have conferences and dis-
cussions to scure this; and an increase of
light on the questions involved can but lead
to that end. If no unfair gain is being made
anywhere by persons not entitled by virtue
of their capital, their toil, or their intelli-
gence; arid the operations of commerce are
confined to the provision of what is really
wanted, an i energy and labour are not
wasted and frittered away in pandering to
speculetien and unwise production regard-
less of demand, trade need never be hope
lessly dull. Bad selsons will Coale for
agriculture; but the former years' store of
its produce will in such Cases acquire mo e
value in consequenee, arid so the hard tieiee
will be tided over. We need not philoso-
phise further thee thas to glance at the
ethics of the mAtter, e pLble as thef are of
expansion and adaptation to all phases of the
problems arising from the consideration of
the question of how tie), he stands. Let us
take encouragement fr ea the Board of Trade
figures, which show th it our cemenerc was
better iaJuly than in themionthsier a ilia 21
preeedin; it, and markedly beLter th ei in
the cerrespendine month laet year. Thee
is a steady impr weetent, which is far hot •r
than any spedeuoti; re..ival ; if ru •
facturers ani those engaged in in
generally \veil stick: to their preeleetion with
energy an.l intelligmce, we may ceese to
hear s mneh of the talk ahent depre.ssi )n ;
and the eeneitleretien of fiscal syst .ms may'
carried on ca'mly and -wiArout the mischic-
vo is and intemperate heat of panicestriken
CO tnsel.

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