The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1876-08-06
THE DECLINE OF ENGLISH COMMERCE.

|
| The signs of decadence in the foreign trade
| of Great Britain can be no longer overlook ed o,
explained away. That diminntion in the value
! OF exports which for some time was attributed
| to transient causes, has not been arrested but
accelerated, and has even been sharply marked
in the first five months of the current year
Inc grave proportions which the persistent
shrlnksge in the demand for British products
has now assumed will be rendered obvious by
glance at England's balance sheet since the
climax OF her commercial prosperity in 1872.
Naturally our attention is first directed to the
great Piles of British manufacture, the fabrics
of cotton, wool and iron. These are not articles
OF luxury, whose consumption is sensitive to
the least depression of productive activity, but
they are at once SO Indispensable and SO cheap
that they find market in the least civilized
countries Moreover, an unparalleled develop
men6 In the application of machinery has
hitherto assured to England q decisive advan.
tsge over her competitors. Yet we find the
value of her exported cotton and prints, which
TOUR years ago reached three hundred and
twenty millions of dollars, falling off at the rate
OF ten millions annually, while The sum repre-
sented by the foreign absorption of British
Woolens, which in 1872 was computed at
thirty-tWo millions sterling, had sunk below
t"enty-three millions in Two years. If we now
turn TO such articles of wrought or cast irou or
of Steel as are sold by the ton, we see their ex-
port value eliminating in 1873 at one hundred
ana ninety millions of dollars, aud the very
next year betraying an decrease of nearly
thirty-tive millions. And 80 with linens
whose foreign consumption in 1872 yielded an
income OF some forty millions of dollars, which,
no viewer, by 1874 had shrunk nearly fifteen per
cent. F
Englands best customer in 1872 was the
nlted States, but two years later our demand
mad fallen Oft by more than O fourth, or nearly
seventy millions of dollars, and we are now
ontrank ed by Germany and India as consumers |
Of British products. The change in our attitude |
owaro our principal purveyor is commonly |
spoken of az temporary, being referred to the
financial and commercial crisis from whose
effects we are still suffering, end especially TO
me almost fetal paralysis of railway coustruc-
lion In Ghls country Under any circumstances
however, 1t seems improbable that the ubiu III
,ous extravaganza of expenditure and reck less
development of speculative enterprises which
characterized the last decade, will again be |
witnessed by the men of this generation Three |
8 no doubt that our relation TO Great Britain
9 Tar more independent and auspicious than it
vas -FOUR years ago. Then our imports. stated
e Sl75 0OO 600, exceeded our exports by more |
han $40 900 900, whereas already in 1874 from
Thich date onr position has rather improved
nan otherwise, our exports were valued at
10000 in British products.
However etrenuously the Manchester men
lay dispute the permanence of the recent de-
resse in American demand, it is certain that
ne shortcomings of other consumers cannot he |
for on the same grounds. Doubtless
he expenditure of Germany is at present |
rsmped by a certain amount of commercial
rostrStlon, but this cause had scarcely begun
, be operative between 1872 and 1874 during
'hich period the value of imports from England
'as diminished by forty millions of dollars.
nd what shall we say of Turkey, which at the
anne epoch was not yet bankrupt, but whose
bsorption OF products from her largest creditor
'vealed q shrinkage of twenty millions in the
70 years Meanwh bile the dependence of Russia
4 British manufactures was abridged by Just
Venty.slx millions, and the mario we'd market
Holland and China represented loss of
urteen millions in each quarter. But for the P
ngular expansion in tho demands of India, q
ustralia and the Cape CoIony-demands oc- u
stoned by the impressive development of r
Csc countries In resources sHd population
ring the last five yesrs-it s hard to see how
% producers of Great Britain could have ca A
ped Insolvency. Notwithstanding large com
nsatlons from these sources, the total dimi-
ltion in the value OF exports from the United
ingdom between 1872 and 1874 amounted to |
ghty-five millions of dollars,
That the expectations entertained in EnR-
nd of speedy revival in the demand for her
oductions are not we'll founded, is established
some statistics respecting the movement of
mmerce in the month of May, 1876 lately
blished by the British Board of Trade, Il
pears that the value of exports for that per-
], as compared with the same month of 1875
1icates q decrease of six millions of dollars |
six and one half per cent. The Significance p
these figures is emphasized when we remem-
I that the last mentioned term had exhibited
Rlling off of fourteen per cent. from the cor
'Ponding thirty days of the previous year.
other words, the market for British manu- as
,tures has been curtRiled by one-fifth within pc
o years. Suppose this process of abridge- tn
mt to continue-and the experience of the la
It five years gives reason 10 believe in its Ell
what means can England
ert bankruptcy
ms uPon their present sOale, and even aug
n6iug them - che has done more than once
ring this period Of productiVs dsDrasFions
4e!S ire axcess e inpersE over exPortq Vas