THE AMERICAN INVASION.
The American Invasion. By Sir Christopher Furness, M.P. (Simpkin, Marshall, and Co. ls. net.)—Sir Christopher Furness " does not despair of the republic" of British industry. He concedes the fact of a vast development of American trade and manufactures. The figures for the production of pig-iron in the States are alone sufficient to prove it. It has grown from 121,223 tons in 1861 to 16,000,000 in 1901. Our total was some- thing more than 8,500,000 in 1860, and is rather less now (it fell off seriously in 1901, but then other causes were at work). Sir Christopher lays the blame on excessive railway rates (but rail- ways do not pay 5 per cent. on capital), and excessive coal and iron royalties. As he would tax, we see, land values heavily, and would cut off one of the most profitable sources of revenue, his scheme seems a little one-sided. The simplicity with which as a great manufacturer he makes this proposition is absolutely engaging. Apart from this, there is much to be learnt, some encouragement to be gained, and some warnings to be heard from The American Invasion.—After having made ac- quaintance with Sir Christopher's experiences and suggestions, the reader should study American Industrial Conditions and Competition, a large volume of nearly six hundred pages, which gives us the reports of Commissioners sent out by the "British Iron Trade Association" to inquire into the conditions of cognate interests in the States. It would probably mislead were we to pick out isolated facts from this very copious document. But there are many things to startle an English reader. While he sees, however, what formidable rivals the Americans are, he does not forget that they have serious difficulties. The Labour question, for instance, promises to become more urgent and formidable than it is in this country.
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