, 1879-04-18
ENGLAND'S TRADE.

EhULAMD'S TRADE.
tars. ',. n"nuo" OF t"o DepresaloA
u . beaconff'e'd'* Account-Somo In.
teress'hs F'surna mud Facts for stady.
1u, ,,', ,"'ftp"'atn% li'a k'H CARTE:
1@ofu Dcaconslfrld finds thrce causes of tbe
present dstress in England. Ftrs,. III: fo1mrr.
arc distressed beca,,tc thcro ,,nv .ar 49, ~
ixrycsts u, nro1ivto,. Wv.
tceo1u, tEe manufacturers un,t tradrra arc dis
tresscd hccas.sc, w1lilo tIlry hnye nro]utrd az
nally commodities ns t,forc inv hn,,, ,,aa;.
able to sc,l t,.n, for onty ha,t H. a,s sssu ,
tsIrd ~. . ,. 'os oals nalt INC money; md,
a'u' ~: lnhaa'nentnl anl moving cAuse Of all
tiifs mischief Is that "goil Is every lay appra-
esasins In sa1ac. ant1, Us # upprerlarc.
in value, the lower become ,hn p nrce., ~ .e !,
,htr,t s. aaas" HhPFessi'ely' "Ihls Is t6
l"''t e"ose which most earnestly requires tho
consideration Of your l.ordshlpa, and which may
lead to Consequences which mar be of vcrv
eerinus ct,arac,,r.u AM, .vo,n =. ~
Inn s,,oc,, L. 49,, =. ua' as"''t At ule Gnu OF
e''essi w sal! IL vas mt impossible that AZ
a'ta'rs ' aese!ooed the country might require
'llat sonic forn,at investigation ah,nid bc mo,1a
Ut 'tie Causes aIcetIu. the prtrc Of th. nrectous
snctals md Thu effect which lie change IN neIcs
las unn Thu Industry Of the country nnIi ,Innn
tlc continual ,alt nt prices. But tic real cauees
0t the distress 10 be found in dIrcc;ions vrrp
different, hit In NJ degree rccotlt]ite. ;rf,crn
hare been four physical causes, operating on tI,a
!argest scale nnd fur prolonged pcrioda,-na1pe-
" aas'n:; tisc last ten ycars no fewer tl,an si1
hau 5laFycsts III this country; In Fraucn md
other wine.growing countries vino IiEeasn.
which has cntalled The loss Of scores Of militant
ot sterling, atrl Is not set c,lrrtl III India fam
fMc and pvstilencc; n,ul all over Eurono cattle
disease, which bus i,npuycrtshc,l aprlc,,ltmr",
tn theso 1nlsst bc att(e.i four political md mil.
inry caascs,-natuclY, the Franco-0r 0rrmnu war.
Wlics1 " d ios two ycnss diverted from production
d000 D00 Of pc0ple, mil Glsort1ered In ta1f-1 Mi
the crunoHly of ar.l.attl un,l supply: tin mill
Ions Of artllcd men In Icynnny a,,,i Francc: thc
nprrchcusiona 1f European Wur. Which F,,,an
arc still With u.s. Hcra arc eisll: causes Ct aft.
cultural ind commercial lIstrcss nll notcpt ami
powerful. Hut tho llst Is by no means cx-
austcd. Between 1865 mn! 1873 there were
reckless md srantlulous, nearly 90 V9O miles 81
railway, carrying railway facilities so far bcyonti
the pay!l1g demand. tlat tt,rllE tho yrufs ibT4.
- tlle cost u conveyance for eraii ntll.pro.
l'au faltcu to merely nominal rates: nntf tl,rxn
i,ots'lral rates, adcd By n competition atInost ~
hcGn a'llo:g t1le Atlantic steuu comuautcs ia
among the American .rallwAys, havo brouyllt'
G,uld never have lift tllcsr ptace Of origin,
liGtwecn thu years isis unl 1875 this co,,ntrv
lust hy loaus lo foreign countries moro than
two huntircll millions sterling, no small narf
Ut which had hecn anpITed In III Vicious st,tna.
ls Ut t:aLc demands within the United king
1oiIt, tue results Of which were wholly wasted.
SiEre ISL. i. We l!aye passc:t through a con,-
Este revolution In our irun nrli gt,al Industries
The NUMBER VI blast fu5auces fur lhu nrottun
ton Of , iron lt,rrvuscll II, 1Sj;,.'1l from III, tc
O5I There were In 1878 un,y 454, Or aI)ott hnjk.
1T work. III South Stufforishyc, In ISIS. onlv
- blast furnaces cut Ut Lis wcre ut work: il
North nlni SuutlI Wales onv 80 out W 7lr9.
WAyt Because the irln trat.o IL removing from
thcsr exhausted districts to Cleveland nnd
LfticolnshEre. but nn "cxhaustel district !"
msaua HE loss of millions Ut capital. betwcca
ISL "ini 1871 the number Of culIlertes at work
III thu United Kingdom advanced from 3,lOO 10
Atf.i, al,tl at tu end of 1S15 lli sttll further
advanced to 4,5jf. III tlig tlrre years, 1S16.
taed, and In 1S7'76 the collapse was s:ill moro
rapid. In tie fol1r years. 1871 tu 1875, tu n1,,l-
bcr of nersnns engaged til coal mines roso from
T'a .UN to 535 ,000-an extcntlon OF employment
rHpu aitl ytolcnt almost lcYunh exat'rlo: and
billcs l6iI and ut present We are struggling 10
restore tie wholesome equilibrium which wo
lost eight yenrs ago. The substitution uf steel