Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-07-08
TRADE IN ENGLAND.
An Unusual Depression.


A London letter in the New York
Times says:
GA good deal of alarm is felt just
vow in consequence of the almost uni
nersal depression of trade. The mar
kets are either stagnent or declining,
and on every side one hears complaints
that there is nothing doing. There can
be no doubt that the strikes in the
coal and iron trades have done good
deal of harm. Production has been
suspended at the very time when prices
were at their best, and employers have
now falling market and restricted or
ders, and no alternative but to refuse any
further concessions. The necessities
of their position have given them theup-
per hand, and, in many cases, the men
have had to succumb. Unfortunately,
however, the sunny hour is over, and
those who wasted it in idleness are be-
Ing taught that brisk trade will not
spring up just when it happens to suit
their convenience. The process which
has been going on is something in this
wise : At first the masters, anxious to
keep their works going, were disposed
to yield, as far as possible, to the de-
mands of the men, hoping to recoup
themselves by increased prices. For a
time this plan succeeded. At the out
set the producer has command of the
market; there are ugent demands which
must be supplied at once, and sud-
der rise is, as rule, submitted to.
The question is, however, how long a
rise car be maintained: and it's con-
sequences, as regards several Of the
most important branches of English
trade, are painfully apparent. Prices
have been forced up to a point which
has obliged purchasers to consider
whether they could not manage to do
with less quantity of goods, and also
whether they could not get served on
cheaper terms elsewhere and it is evil
dent that these questions have been an
swered by foreign buyers in way I'm
favorable to English trade. Other
countries are, in the natural course of
things, becoming less dependent on
England, and they have been forced by
the exceptional pressure of prices to
make an especial effort to do more for
themselves. The effect of all this on
England is shown in the recent Board of
Trade returns. There was a decrease
Of nearly six millions streling in the i'm
ports for May as compared with the pre-
ceding May, and decrease of 81, 49,
900 In exports. It is true that there is
still great increase of imports for the
whole five months of the year, and that
the decrease in exports in not quite so
bad as in January. It has also been
pointed out that part Of the decrease
III imports is in articles of food, which
means that the country has had topay a
smaller bill out-of-doors. Still, after
making due allowance for all these
qualifications, the state of affairs is
sufficiently serious. The decrease has
been steadily going on since last June,
SO THAI for whole year there has been
a steady fall month by month. It is
clear that the period of imitation, of
prosperity 'by leaps and bounds, has
came to an end, and that the tide is on
the ebb. There is no reason to sup
pose that the ebb will be continuous for
any length Of time, but in the
meantime it is creating much discom-
fort and anxiety. It must be remem-
bered that wages have gone up, that
the expenses of living have increased,
and that a readjustment of prices in
consequence Of declining trade is al
ways unpleasant"