New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-05-03
ENGLISH MANUFACTURES.
LETTERS FROM AN OFFICIAL


ii.
DEPRESSION EVERYWHERE, AND GLOOMY PROS
PECTs-TBE TALK OF ALL CJAssEs-NFED %
NEW MARKETS AND TIE Of TLTY or 81
CURING THEM
To the Editor Of The Trtthnr.
SIR: Political economists and Statesmen q:
wisely and unwisely discussing a. situation OF
English manufactures, and almos as many remedies
are proposed there writers upon the SUBJECT
All agree however that never before was ibe cut
look for manufacturers gloomy than il Is loW.
In nearly every branch of industry things are going
FROM bad to worse all the sine Reduction IN wages
has so far brought tle relief to proprietors. and
has increased the hardshpS of operatives There Is
| scarcely a great manufacturing establishment IN
this country that is more than paying current ex-
| penses now. while large proportion OF the mlis
| and factories are running at a loss. The demand
for manufactures has fallen OFF enormously. and the
rate OF interest has risen that in connection with
| timid capital, many trms are sorely troubled 10
secure money to keep their mills IN notion
The failure Of the City of Glasgow Bank followed
closely by the collapse of the West of England
| Bank, both with amazing liabilities have frightened
the money market and made capital shrink from
advances which in other DAYS would have been
welcomed. The press Of the country has endeav-
/
little success Rich Engshmen never gave as
much personal attention to the subject of legitimate
Investments as they are doing at present. Those
who have a plethora Of money do not listen to the
rosy views of money borrowers, as formerly. They
have learned hard lessons in studying past balance
sheets. and now propose to do their own thinking
about the ways and means Of investing their sur
plus cash. Fancy schemes, backed by attractive
prospectuses and engineered by experienced pro-
moters fall flat the public. Many enthusiastic
fnauciers famous for their promises to make for
tunes for others if furnished with the means, are
looking seedy and are ous at the elbows The grand
army Of the " gullibles has been utterly demon
allied, and the reserve corps OF "go-betweens Is
now a sorry lot All this is evidence of the " hard
times - which now cripple ald endanger the ma
tional Industries OF this island.
The colossal proportions Of the present producing
power of the United gdOm are indeed astounding
From "the celtrC all round to the sea-" England
is literally vast workshop. Every valley and
hillside is crowded with monuments Of industries,
the products of which find their way into the re-
hottest abodes of man. But the busy hum in many
of these great centres is gradually dying, and
through course of events beyond the control of her
kings in commerce.. 1t is freely acknowledged by
those who are best advised the subject that new
markets must be found or old markets must be re-
newed OF the present crisis in manufacturing indus
tries will bring widespread ruin upon them. Many
saw while admitting the dark outlook for the
future: 1--WE are rich beyond comparison. Distress
has come before it passed away, and 1t will pass
away again.
This IS about the extent Of the reasons advanced
for the faith that moves them 10 believe that relief
Will not long be delayed. However, the chief
point that all admit to be true Is this: that there
must be a change for the better or the near future
Will be frelghted with disaster aud gloom TO many,
many old and heretofore successful industries.
As to new or enlarged markets. the hope OF find
Ing them is more cOnsOllng than tie promise of
their being found is convincing Let us see: Eng
land never was able as now 10 turn out mar
vcllOuS volume OF manufactures; and she never was
more in need of an opportunity 10 DO So
But nyal nations we're never so powerful as they
are at present their manufactures. In the United
States in France in Germany, III lnGIa, in far-otf
China and Japan even, hOnlc manufactures
developing at a wonderful rate. More mills and
factories viii 90 up, and competition Will grow
keener from year to year. New markets" viii be
hard to ind, and old markets will be battle ground
between tie outsider and the Ihslder. Let a new
market be opened. and the Americans the French
men, and even John Chinaman and Others, will
early appear the scene, and will bid loud and
figure low Tor a share OF the orders. There Is now
30 royal road TO commerce. Goods IKE gold, have
real value and modern enterprise knows 10 bounds.
And more. ana very important. is the TACT that an
applicant for financial AID here VIII lind small sup
port when he can only say " expect TO lind new
markets soon for my goods" ms Will avail little;
pressing needs OF the present.
Speedy relief means lie, and continued depression
DEATH TO a thousand industries small and large, III
fins country. And how and from what source can
relief be relied on! 1 frankly answer | do not
know and | cannot see for myself or learn from
those wiser than | am anything reasonably satisfy
ing on this point. Some counsel short time. others
lower wages, but can demonstrate how
either plan, or any proposed plan tor that matter,
will surely afford relief restore the flush times"
of the past. The real difficulty of the present Is
that of foreign competition. John Morley makes
Doetry ont OF figures almost III attempting to prove
that this not the of depression here but the
fact remains that foreign nations are largely sup-
plying their own needs from Their own workshops,
and in a class of goods formerly furnished by Eng
land If this is not competition" do not know
what to call IL. At any rate the bard logic of events
; proving to this people that thor Kin Beyond
Sea" have nova place, and foremost one, III the
peaceful rivalry IN manufactures. | en- satisfied
that Gadsones estimate of the future Of your cOun-
try is coming pass sooner than this great states
man anticiDat ed. The blows that have peltcd
his head for his foresight Only prove how wise he is,
and how blind bis critics are.
Poverty here means emigration 10 America You
are rich In lands in corn, IN wheat III coal IN iron
and a multitude of natural products. The poor here,
when shut ont of the factory, have no cheap lands
10 tall back upon and the Irish sought your
shores III 1S46}50, 30 in the near future, IN my
oniuion id e operatives and Others IN England will
look TO the American Continent for that which is
desIed them at home, through a course of events
which cannot be speedily changed.-an opportunity
~ supDort themselves and their families from the
fruits of cheap lands. Within the next decade,
depend upon il, an EMIGRATION may be looked for
from Great Britain surprising that Of any former
period IN our history. CIYls.
Manchester, Ing, April D, 1879
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UUSfC AND The CHURCHES