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CHAPTER XV.

COMMERCIAL AND ECONOMIC PROGRESS, 1870-1878.

Economic Condition of the People.-Increase of Trade and of Wealth.Deposits at the London Joint Stock Banks.-Amount Assessed to Income Tax.-Changes in the Value of Silver.- Savings Banks.- State of Finances.-Treaties of Commerce.-Progress of Textile Industries.

GREAT was the activity of trade after the conclusion of the FrancoPrussian war in 1871, and considerable encouragement was given to production. The demand for labour was consequently large. Wages increased, and prices rose, in many cases, to extraordinary But production can proceed without intermission, the demand does not always keep pace with the supply. Consump tion marches slower than production, and slower still when high prices place the commodities beyond the reach of the masses. And thus, after a few years of general excitement, there comes a corresponding reaction. Meanwhile the economic condition of the people greatly improved. Much, indeed, was spent in luxuries and wasted in excess; yet a considerable amount was set aside and invested in savings' banks, in building societies, in co-operative societies, and in friendly societies of many forms.

The following shows the increase of consumption in the principal articles of food and drink :—

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The amount of trade greatly increased from increased quantities, and especially from increased value. The imports, which in 1870 amounted to 303,257,000l., rose by successive steps to 394,419,000l. in 1877, from which they fell in 1878 to 368,770,000!.

The exports of British produce and manufactures in 1870 amounted to 199,586,000l. In 1872 they rose to 256,257,000l., and from that point they fell to 192,849,000l. in 1878, the total trade being as follows:

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The deposits at the London Joint Stock Banks were as

follows:- :

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The amount of transactions at the clearing-house was as fol

lows:

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Considerable fluctuations took place in this period in the price. of bar silver, consequent partly on the increasing production of that metal, and partly on the adoption by Germany of the gold standard. Messrs. Pixley & Aball, bullion brokers, in their circulars, recorded the annual average prices as follows:

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The Indian exchanges fell in proportion.'

See Colonel Smith's Essays on Silver and the Indian Exchanges (Effingham Wilson).

The income assessed to income tax increased as follows :—

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The amount of capital held by the Trustees Savings' Banks increased from 37,959,000l. in 1870 to 44,293,000l. in 1878, and the amount held by the Post Office Savings' Banks from 15,099,000l. in 1870 to 30,412,000l. in 1878. In 1870 the amount expended for the relief of the poor in England and Wales was 7,644,000l., in 1878 it was 7,689,000l., whilst the number of paupers decreased from 1,079,391 on January 1, 1870, to 800,426 on January 1, 1879.

Mr. Gladstone's administration, with Mr. Lowe as Chancellor of the Exchequer, continued to enjoy considerable popularity, and the financial condition of the country being favourable, the income tax was reduced, the sugar duties were abolished, and many excise and stamp duties were repealed or reduced. In February 1874 the Earl of Beaconsfield's administration was formed, with Sir Stafford Northcote as Chancellor of the Exchequer; but since then no further reforms in the revenue were made. The expenditure, which in 1873 amounted to 70,714,000l., rose in 1878 to 85,408,000l. The funded debt, which in 1873 was 727,374,000l., diminished in 1878 to 709,400,000l.; but the unfunded debt, which in 1873 amounted to 4,829,000l., increased in 1878 to 25,870,000l. The total amount paid for the purchase of shares of the Khedive of Egypt in the Suez Canal and for expenses connected therewith was 4,076,6221.

The most important commercial treaty concluded was the Universal Postal Union, fixing a uniform rate of postage for the conveyance of letters throughout the entire extent of the Union, including their delivery at the residence of the addressees in the countries of the Union, of 25 centimes in case of prepayment, and double that amount in the contrary case for each letter and for every weight of 15 grammes or fraction of 15 grammes, and

2 To this amount must be added the Terminable Annuities, involving an annual charge of 5,731,2317., or a capital value of 37,664,3697., and also the deficiency in the saving accounts of 4,583,4331. On the other hand, 12,460,000!. are recoverable loans, and 3,886,300l. represent the Suez Canal Shares.

10 centimes for post-cards. Treaties of commerce were concluded with France in 1874 and with Austria in 1877.

The progress of the Textile industries was as follows:

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Modern factories are larger and better than they formerly were. The machinery is more perfect, and human labour is greatly economised. The progress of commerce in eight years, from 1870 to 1878, was as follows:

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