The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1878-11-02

The long continued depression OF trade In
England Is now producing disastrous results
IN lhr way Of commercial failures OF great
magnitude These excite the more alarm be-
cause they are believed 10 be- only the irgin
n,ng 81 the business troubles for several years
impending over that country
The settlement al Berlin proved o; no bcnc.
lil la English trade, though much was expect
cI from il; and now, H. throughout this year,
most Of the great branches OF commerce and
manufacture are, in The language OF Mr. John
NorIcy dull, unprogrcsslvc, and, IN some
cases, Ob,tnatrly Stagnant' All the markets
are ovcrstockcd. The Collicries Of Great Brit
ain have not worked more than about seven
days a fortnight on the average during the last
twO years. The iron trade Is at the lowest cbb,
ana cotton manufacturing Is so dull that wages
have been reduced, and strikes are occurring
in the north of England and in Scotland
where the outlook is the glOomicst The glut
Of cotton goods in Lancashire is described a.
unp!cccdcntcd, and measures to restrict pro.
ductiun have been adopted. The Clyde ship
builder, have cut down wages seven and a
half per cent
In the Indian ports SlOOOO,OOO worth OF
British shipping is at present lying idle, and
one Of the largest and best informed Ship.own-
crS in Liverpool declares that ain no part OF
the world is any shipping concern, unless II
be some small, obscure company in possession
of speciality, making profit, while our
ports are crowded with sound vessels which,
nevertheless cannot be sent on any voyage
wherein the receipts promise to equal the en-
pcn.g-." In Nor,tcd and: woolcn manufactures
England however, has been doing better, the
accumulation of stocks having been prevented
by limiting the production of factories, though
the profits for the last four or five years have
been small.
The same story of business stagnpiOn comes
from all branches of trade, and it is repeated,
not only in England, but also all over the con.
tncnt. Even in France, where trade SO long
withstood the influence. which heavily de
pressed it in other countries, the cry Of alarm
/, now beginning to he raised Reports from
LYONS up to Sept % represent the last month
rs one OF disappointment TO the manufacture
cr,. Not only was there no revival of trade,
but the month WAS duller than usual
In the United States, on the contrary, we are
now beginning to hail the advent Of sound
revival of business; but if the trade experience
Of England shall prove as caIamitous rs 1t Is
feared it will be, we shall have to bear some
share of the trouble, for any extensive derange.
mcut in values abroad cannot fail to have its
effects ON our markets. England is now large
IL indebted To Us and is our best customer, and
her financial distress must assuredly awaken
alarm here.
Bushes, cannot yet he called very active
but the evidences Of It's improvement are visi
bic, and il j. large enough to prevent such Il
di,a>trou, accumulation of stocks Of goods rs
that from which England is now suffering
Everybody has 1T length been forced to the
conclusion that with prices reduced from one
third to one-hali, profit, must also be smaller
than in the old days
Our export, continue enormous, though last
week they were somewhat less than in the
week previous, still reaching however, $6,
SIS ,9O4, against S5,94l5GS for the correspond
Ing week last year. Our total exports since
January ! have been 800, 4SG,SiG, against
S22l ,ol2S4j for the same period in lo,,-N
L SIM