The morning star and Catholic messenger., 1878-11-03
THE CONDITION OF TRADE.

The long continued depression of trade in
England Is now producing disastrous results
in the way of commercial failures of great
magnitude. These excite the more alarm be-
cause they are believed TO be only the begin
ming of the business troubles for several years
impending over tant country.
The settlement at Berlin proved of no benefit
TO English trade, though much was expected
from it; and now. as throughout this year,
most of he great brapches of commerce and
manufacture are, iu the language of Mr. John
cases, obsti antely stegnan All the markets
are overlooked. TIE collieries of Great Bri-
tain 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
ebb, and cot ION manufacturing is so dull that
wages have been reduced, and strikes are oc-
curing in the north of EnglaDd and in Scot
land, where the outlook is of the gloomiest.
The glut of cotton goods in Ian cashire is des
cribed as unprecedented, and measures to
restrict production have been adopted. The
Clyde shipbuilders have cut down wages seven
and half per cent.
In the Indian ports $40 900 600 worth of Bri-
tisb shipping is at present lying idle, and one
of the largest and best informed shipowners in
Liverpool declares that sin no part of the world
is any shipping concern, unless it be some
small obscure company in possession of q
speciality, making profit; while our ports
are crowded with sound veseels which, never
theless, cannot be sent on any voyage wherein
the receipts promise to equal the expenses"
In worsted and woolen manufactures England,
however, mas peen QOlnR OeGJer, the accumul6-
tion of stocks having been prevented by limit
ing the production OF factories, though the
profits for the last four or i've years have been
small.
The same etory of business stagnation comes
from all branches of trade, and it is repeated.
not only in Englapd but also all over the con-
tipept Even IN France, where trade so long
wIthstood the Influences which heavily de-
pressed it in other countries the cry of alarm
is now beginning to bs raised Reports from
Lyons up to Sept 26 represent the last month
as one ofdiss ppoinrment to the manufacturers.
Nor only was there no revival of trade but TIE
mouth was duller than usual
Iu the United States, on the contrary, we
are now beginning to hail the advent of =
sjund revival of business; but if the trade ex-
perience of England shall prove calamitous
as it is feared it will be, we shall have to bear
some ehare of the trouble, for any extensive
arrangement in values abroad cannot fail to
have it's effect on our markets. England is now
largely indebted to US and is our btst custom
er, and her financial distress must sssuredly
awaken alarm here.
Business cannot yet be called very active,
but the evidences of it's improvement are visi
BILE, and it is large enough to prevent such a
disastrous accum lation of stocks of goods az
that from which Eogland is now suffering.
Everybody has at length been forced to the
conclusion that with prIces reduced from one
third to one'half, profits must also be smaller
than in the old days.