New Britain herald., 1919-11-05

time, the total arsual expenditure g. the Government was more than g per cent. of the national incomA
 Ii IS interesting to note that H8s es- innate of the ratio between debt ser vlcc and national income for the present attcr-War period IS almost identical with that just cited. The ratio between th~ tot%I expenditures in the coming budget :-.6 the national income IS 21 per cent. Or somewhat less than the estimated ratio IT, i8l6
 Moreover, heavy taxation during the Napolconic Wars had borne much the greater part of the British Government expenditures. Taxes yielded $o,732,- 100000, and loans $2,1So, ,7O0Goo,
 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 m the cotton and wooden trades underwent great de vclopment. The output of coal and iron trade multiplied. Exports, which in lSll were valued at s1S5,7iaOOO, were valued at SPAS, 100000 in 1915.
 During the Napoleonic wars there had been issued great volume of paper currency, and prices rose to great heights. After l797, 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 peact treaty there was great slump in prices and the years l6l6 and 1877 were marked by d considerable business depression Poor crops in England conle ibuted much to this result, and another cause seems 10 have been a misJudgmeflt of the aftcr-war Continental demand for English manufactures, and consequent speculation in commodities at prices which proved disastrous to English traders. Whether the Continents ir- ability to offer goods in exchange out- weighed the influence of English tariff restrictions aimed at the Continent, 1t IS impossible to say In either event the rcsu% was the same, The Conti- ncnt had need of English goods but was not prepared under the handiczps existing 10 pay for them.
 setback British industry and commerce made noticeable gains. By 1920 per- iod of rapid industrial growth had be- gun. What had seemed an unbearab1e burden of debt in 1915 was borne with comparative case.
 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 rinc still exceeds in tonnage that of any other nation. A system of preferences which unites the various parts of the Empire commercially more closely than ever before will give the vast colonial resources new significance for the de- velopment of British industry and trade. The position of London as world financial center still IS an exceptionally important asset for the period of re- mobilization.
 The recent removal of restrictions on the cxportation of capital for invest ment will naturally result in an expan- sion of the export trade and stimufa- tion of domestic production.
 Much depends upon the spirit and temper of people Their record of achievements in industry and fnSnes has amply demonstrated the capacity sf the English for doing big things iH q big way, and for meeting emergencies with the requisite energy aad ability.