New-York tribune., 1879-01-07
F.ILURES IN GRhAT BRIT1IN.

J land. 10 do with statistical returns from Noi-
| lectors of Customs at Ncw-lcTk or san
! Franciscof Yet the fact that the ex-
| norris of the United States exceeded the
imnorts by $500. 55S,6 ,619 during the eleven
montbs ending November 80. casts great
deal of LIGHT upon the faIlure of the Cornish
Bank. with liabilities of $5,0OO,OoO. British
commerce and industry, in all their branches
owe not a small STARE of their terrible dlS'S-
ters TO the great reduction of imports ANA
expansion of exports by tins country Wlthih
the past FIVE years.
The Cornish Bank. II appears, did very
large business III sustaining mining enter
priSes, and fails because of heavy loans I"
mines IN West Cornwall. 1t is stated, too,
that Sir Frederick Williams, recently de-
ceased, who was member OF PaIlla-
mcnt for Truro, had borrowed large sums
which were locked up by advances on
tin upon which cash could not be
Immediately realized; that the further stop
page Of Cornish mines Is inevitable, ana the
failure OF many private firms must follow.
The calling in of loans. and the forced sale OF
large stocks held in hope OF Improvement III
prices. will cause widespread distress. Yet
tins disaster seems of small importance com
pared with the aggregate of the past year.
However grave the losses, they can he little
more than Il drop in the bucket i'll comparison
with those which England has reason to expect
at no distant day.
During The last year the number OF tallUlcs
IN Great Britain was 1903, an increase OF
4,O37. or nearly 81 per cent, i'll comparison
with the wear preceding. There has never
I Il, I,,-4 Of v qS
remarkable for the number and magnitude OF
its failures as the year 1873 has been III
Great Britain and yet it IS only too easy TO
see that there is worse to come. Inc llllue
of the Cornish Bank cannot he attributed
DIR, city TO a condition Of British trade with
America, any more than 10 the condition OF
British trade with India, but the United
States trade and the India trade are never
thccs, at the bottom of a very large proper
ton Of British losses, in this is III every other
instance OF recent failure. The capital
Of Great Britain has been seriously de-
plcted by unsuccessful investments III TINS
country and in the East and, after
many years of enormously profitable trade
with both countries Great Britain has met
great losses on account of its relations with
each In certain sense, too diNtInctNely
British policy, particularly with respect TO this
country has been the cause of Brltaln'S most
serious losses, both on account of its Eastern
and ITS Western trade. 1t was British
policy that upheld slavery and secession here,
and prolonged the Civil War; and out of lat
policy grew the investment of mGGy millions
in railways in India, so that supplies of cotton
might be secured. tor British looms. Contrary
to BRUSH expectation, the Union conquered,
and free labor has produced more cotton than
| slave labor, and trade with India has
been prostrated not less by that cause
than bv the fall of silver III con-
! sequence of the enormous yield from
! American mines. Again, II was distinct
/ ively British policy to force American indus
tries to rely almost wholly upon the home
market, but they have steadily developed
within that sphere until the aggregate pur-
7 chases OF this country from all others have
fallen to only $lO0,127,922 in value within
eleven months.
In the struggle to retain command Of for
cign products for manufactured goods, Great
Britain has placed its agriculture under many
serious disadvantages. Steadily the prOduc-
tion o. foo i'll the United Kingdom has be-
come less adequate to supply the necessities
Of its own population, until 1t Is cSti-
mated by eminent British authority that
! - per cent of the wheat consumed III that
country this year must be imported. Very
Iarage importS of meat and corn, butter, cheese
and other articles of food, have become the
rulc. Bat American mills and factories begin
to exclude British manufactured products from
this market to such an extent that the balance
nf IL
about $500, 100000 for the year 1873, and
London wasSbhgcd to surrender over $780,
OOO. 600 of United States bonds to buyers
in this country, Ill order to escape
heavy exports of specie. Year after
wear. British manufacturers and merchants
have continued to produce and offer
Goods against steadily declining markets.
British banks, probably with few exceptions,
have been drawn into the struggle by means
of loans to help merchants and manufacturers
over difficulties thought to be temporary.
Within the past six months, failures Of great
banks have disclosed only small part
of the losses sustained in the effort to
retain control of markets in India and
the United States, and it is probable
that the amount of such losses revealed dur
| ing the new year upon which we nave entered
will be far greater. The mines Of Nevada
have done much to destroy the prosperity Of
British trade with India The mines and
mills of Eastern States have limited Brit
ish sales of cotton, wOoen and iron goods,
and other manufactured products. - Peace
"hath its victories as well as war." The in
iuly done to American commerce by the Ala
bama and other cruisers is likely to be avenged,
in most unexpected way, by the enterprise of
om miners, the energy and thrift of our farm
| els. and the skill of our artisans.