The Bridgeport times and evening farmer., 1919-12-01

time the total annual expenditure oi
 tIe Government was more than g pcl
 cent of Ehe national ilcome
 1T IS interesting to note that tI;e es-
 hfnate of the ratio between debt ser
 wee and national income for the preser;
 atteT-wH period IS almost identical with
 that just cited The ratio between the. total expenditures ia the coming budget and sze national income IS q ger cent.
 or somewhat less than the estimated ratio iu 1816>
 Moreover, heavy taxation during the Napoleon1c Wars had borne much the greater part Of the British Government eSPendstares- Taxes yielded $eZ1,- 0t0,000. and loans 2I8, ,J00,G ,G01
 In spite of the heavy expenditures, fhe wealth Of Great Britain increased year by year during the wars The steam engine was brorght into general use, ard spinning mills in the cotton and wgoEen tsedes underwent great de- velopzaGEt- The outpm of coal and iron rose rapidly BoCh fr11crral and foreign 18ll were vsiued at SIS. .7l2W0, were valued at $z2&a,l lG6,0oo in 1915.
 During .hc Rapelesnic wars there had 5G<.1 issEcd a great volume of paper cuTTeacy, zad pzicss rose to great heights Afrez 1R97, when the Bank of ERIgssSEid suspended cash payments, the eorgszry's earalztiRg rnedia COR sisted szdTetx of paper money.
 Shortly after ssse signing of the peace treaty t2eEe ssS great si;Elp la prices, and the years lS16 ard 1sl7 were marked by considerable business depression Poor crops n England contribut.d much fo this result, and another cause seems to have been 2 nnsjudgnHt of the aftef-war Continental demand for Englisa E7EEanfzctrsrcs, and q consequent speculation in oonnoeiees al prices which proved disastrous to English traders ESheoEfsr the Coleinent's m- ability 10 offer goods n exchange out welghad t1e fGileGnee of English tariff restrictions aimed zt inc Continent, il IS impossible to say. In either event the result was ffle same The Cont nent had need of English goods but was not prepared under the handiczps existing 10 pay for them
 But in 1SIS despite the ten.poray setback, Rrftish fHdusuy and connerce iod of rapid industrial growth had be gun. What had seemed an unbearabIe burden of debt in 1915 was borne with comparative ease.
 All in all, the outlook for industrial pfogress fn England is favorable The manufacturing capacity of the country has been greatly increased during the war. Even more notahie have been the improvements in port and warehouse facilities, Ships are being turned out rapidly, and the British merchant ma rine still exceeds in tonnage that of any other nation. A system of preferences which unites the various parts of the Empire commercially more closely thar ever before will give the vast coloGiai resources a new significance for the de velopment of British industry and trade The position of London as a world financial center still is an exceptionally important asset for the period of re mobilization.
 The recent removal of restrictions on the exportation of capital for invest ment will naturally result in an expan- sion of the export trade and a stirnuia- ton ot domestic production.
 Much depends upon the spirit and temper of a people Their record of in industry and finance has amply demonstrated the capacity of the English for doing big things in a ksg way, and for meeting emergencies with the requisite energy and ability.