10 SEPTEMBER 1881, Page 1

How the Tory leaders must hate Lord Derby ! They

no sooner lay a promising egg, than that man sets his heavy foot on it. They were hoping great things from their cry of " Fair trade," when Lord Derby must take the opportunity of a fete at Southport on Wednesday to say that he did not believe business to be so very slack. " You heard about losses, but not about profits." British exports had increased from £2 44.000,000 in 1870 to £286,000,000 in 1880, and the imports within the same ten years from £:303,000,000 to £411,000,000. That did not look like declining trade. It might be less profit- able, but as to impoverishment, the Savings' Banks held in 1870, £43,000,000, and in 1830, £78,000,000; while in 1870 the aggregate of income liable to income-tax was £445,000,000, and in 1880, £578,000,000, an increase of thirteen millions a year in the income of the well-to-do. That the poor are equally well off is proved by the consumption of tea, of which they drank 117 millions of pounds in 1870, and 158 millions in 1880. Even of agriculture, Lord Derby, himself a great landlord, did not despair. He believed farmers were suffering, but it was from a cycle of bad harvests. Corn was not especially cheap ; and as for competition, there were 35,000,000 of people, chiefly townsfolk, in these Islands, and the supply of those people with food must pay. He ad- vised his hearers to buy land. Altogether, his speech must be a terrible blow to those who are so greatly enjoying the prevailing depression.