OCR Text |
Show THE ENGLISH FAILURES. The recent heavy failures in England, Eng-land, principally in the India and iron trades, show how severely the wide-spread depression of business has affected the IcaJing commercial nation of the world. The failures in the iron trade is the result of two causes, tho increased price of coal, and the great falling off in the American demand for iron since the panic of 1873. It is not likely that England will ever regain tho control of this trade, which she has heretofore hereto-fore held by virtue of her cheap labor and cheap coal. Even under a re- j venue tarifl it is thought that our I manufacturers will be able to supply' a large part of the iron and steel hereafter required for home uses, i The general trade of Great Britain seems to have shared with the United States the effect of the great reaction in business which succeeded the stimulus imparted to commerce by our great sectional war. So closely are the commercial nations connected in business relations that a great disaster dis-aster to any one of them is Bhared to a certain extent by all. England profited by our artificially stimulated prosperity to a larger extent than any other European nation; she has experienced ex-perienced tho depression in business which in this couutry followed the senseless financial policy of the re. publican party, and this has now reached the crisis point, which has already carried down many great business houses and may involve many others. Tho secret of our ro-cent ro-cent unparalleled gold shipments is now explained. England has been making a desperate effort to sive herself from commercial bankruptcy and is calling in everything which she can lay hands on. After this panic haB passed business may revive re-vive again in the United States. |