The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1919-11-16

time the total annual expenditure OF
the Government was more than Is per
cent OF the national income
1t is interesting to note that the es-
innate of the ratio between debt SER
vice and national income for the present
atter-war period is almost identical with
that Just cited. The ratio between the
total expenditures III the coming budget
and the national income is p per cent
or somewhat less than the estimated
ratio in 1916.
Moreover, heavy taxation during the
Napoconic Wars had borne much the
greater part of the British Government
expenditures. Taxes yielded $o,732,-
UO0UO, and loans $2,l89, 100000.
In spite of the heavy expenditures.
the wealth of Great Britain increased
year by year during the wars. The
steam engine was brought into general
use, and spinning mills i'll the cotton
and woolcn trades underwent great de-
velopment. The output of coal and iron
rose rapidly. Both internal and foreign
trade multiplied. Exports, which in
1911 we're valued at $ls5,7l2OO0, were
valued at $248,l6o,000 in 1915.
During the Napolconic wars there
had been issued great volume of paper
currency, and prices rose 10 great
heights. After 1877, when the Bank
OF England suspended cash payments.
the country's circulating media con-
sisted entirely OF paper money.
Shortly after the signing of the peace
treaty there was great slump in prices,
and the years 1916 and 1917 were marked
by considerable business depression.
foor crops III England contributed
much TO this result, and another cause
seems TO have been misjudgment of
the atterwar Continental demand for
English manufactures, and a consequent
speculation IN commodities at prices
which proved disastrous to English
traders Whether the Continents in
ability to offer goods in exchange out
weighed the influence of English tariff
restrictions aimed at the Continent, il
IS impossible 10 say. In either event
the result was the same. The Cont
nent had need of English goods bu,
was not prepared under the handicaps
existing 10 pay for them
But in 1878, despite the TEMPORARY
setback, British industry and commercs
made noticeable gains By 1920 per-
iod OF rapid industrial growth had be-
gun. What had seemed AL unbearabis
burden of debt in 1915 was borne with
comparative ease.
All in all, the outlook for industrial
progress in England is favorable. The
manufacturing capacity Of the country
has been greatly increased during the
war. Even more notable have been the
improvements in port and warehouse
facilities. Ships are being turned out
rapidly, and the British merchant ma
rlne still exceeds in tonnage that of any
other nation. A system of preferences
which unites the various parts of the
Umpire commercially more closely than
ever before will give the vast colonial
resources a new significance for the de-
yelopment of British industry and trade.
The position Of London as world
financial center still is an exceptionally
important asset for the period of re-
habilitation.
nc recent removal of restriction,
on The expectation of capital for invest
ment Will naturally result in an expan-
sion OF the export trade and a stirnul,-
tlon OF domestic production
Much depends upon the spir;, and =.
temper OF a people. Their record of
achievements in industry and fnanc.
mas amply demonstrated tbe cao,c;tv ~