, 1879-08-11
ESCLASD'S C0hAERCIiL CRISIS,
4 Rsyulsion in British Trade and Man.
ufaotures---American Com
petition.

netit;on
PosA$'A'
------
Tho london saturday Rs,levu on
pr,tlsh A .rnrtcnu r,ac,rro.flx
ot'"s"'A ~ 'e"'' 'soe''Aoe't1' +.
E.,o FORT Hrn,G,
1ornox. Ju1v 2f-srbc u1,nn, that ho. hccn
-. ..s.t,x t..,.on,,, ~ ,,,...lt-. ...
Joe "o"''i7 oa'Al'''"I '.'' ''u"eas!'Fe so1'oh'
tTade grows deeper an" acepcs, an' no otle can
tell how and when tho depression wilt cnt] II Il
I. crer II, end. In oldham. which il In thr hrarf
~ ,hr fonro.h,rn t,,st,trt. II /. crervu,,,rr rcr.
=. ,"s .,'.. ..' T., :. ~ s'e' "'s,e ~
oR"']c" .iat 'l' """s - ~" pas''''e .n!ous"
nv mus severe es.s's ~ 10 nstoy r e
ct,ttun tn,ntrc al the time of tl,c American Wnr
~. .h.. t. ,s.. ,.n,,x" tha, ,'a.ca ~ ~. t.nn
" m9 '1en ~ Wa A''e"" aat peaes W ''c o'i'''"
hrn @In lie OW u on
As there are M perfectly otyio,;e causes OF tbe
tronh1c thrrc J., mnrb d5r,.,on n, on5nton a. Ia
,ua''o ."s'o - .'". .., u''''o" y, "'"a ~ ~
.ne proper re'hcaS' ne general 1uca appeats.o
the absence Of exciting Continental causea this
IA n,onab,r thc easc. nrt lov :, curt,,t
.,.s,..,..s, 49, - a., ...,,,.. ,,..., ,.. 80.
p'oas''o.-n"t - Nv. lues.,o, Nv, l'A' Ms ,. iol \
h!et!ng interests which exist have, however, de-
fenied every plan that has 70 far been devised.
The reduction Of wages ID not cnourh 10 coun.
terbalanee lo.scs, mud II Is admitted that trade
is nut to be rcmedied by ohliglns otcrat!yes
u,nr"nnnt !. snrno,in,. ii,rnuchnn, 1tlilham, mit
u Is not yet thorough1r systcnntizcd; but, even
II It shor1d be, the Rystctn will enly serve to
amcorose the condition Of things tar whenever
brourht abo,t amin II, a ahurs time. The state
Of trade Is best told By the halnce sheets Of the
stock compnn5cs. kine'tcnllis nt Them hare not
paid dividend Tor two Of three years. n1t!i even
with nm Immediate resunlptfnn Of good tradc
denl for several wears TO come. Tue taet that
many OF them h1ye lived 80 long under these cir.
Shtnstanccs wnhld pc astonishing u We a!d h9t
@ know that they we're sustained by loan caplta!.
tal after while, md one cn,nnany owntnE: ons
ot the hnost mills In the district has been Obliged
70 stop ron ellis very cause. Inc SITUATION may
30 summed up thus: Ien million do!lars q cap
Ia,1.lcs 81 oSoproductivc TOR tasce yeats; Ftu 81
debt, ~ per cent reduction III opcratiycs' wages,
mills running shurt TING. MANY nlslss closet.
numerous 1alnres, on4 house property Increased
Tan the tInuc nSar sael' q 81 sttan during I've
next three yearst" some OF Inc companies arc
preparing lor fhe crisis pr incFensng their share
eapant, but can 1t pe raised IN these hard timcss
FEARFUL srATE OF DEPRESSION IN THE
NultTH or NEUTRALITY-SUSPICIOUS. or TIE
NOS AND STEEL DISTRICTS
CLEVELAND. England, july cO-lu the gen
the mineral ind,,.Iries Of The W Void, Il was TO
be expected TINT tiose Of Eurlaud would share,
but few who arc not conecrucd IN tbese indus,
tiles hive aiy IDEA Of tl,c state Of the from
nrod,,clnr t1,strtcts Of Hrent Brt,atn-fIrvatnnI
Tic growtl oi thIs district wss rani.i: nni.
1 though twenty reprs ngo it proi1urcd q Ycry
sjfght nortJnn n thn nfr,tror tIcn n,od, T.
England, It's mineral trade wus 90 ve!i dcyei.