THE CONTINUANCE OF DEPRESSION.
[TO THE EDITOR OF THE "SPECTATOR."] •
Silt—There is much in your article on "The Continuance of Depression" which will recommend it to business men, but I think you have overlooked the important effect which American prosperity is having, and will in an increasing degree continue -to have, on our various industries. For one thing, we hear less now of the competition of Americans in foreign trade, and we see that in certain Etrtfcles imported into this country—leather, for instance—our manufacturers are less weighted by American imports than they were, and that their trade is steadily improving. These are minor issues in presence of the important fact that our cousins are beginning to take in pay- ment for the food they send us that which we can best give them,—our manufactures ; and though it is probable that the present speculation in metals will be followed by a sharp re- action, it seems reasonable to conclude that we are on the eve of a more general demand from America for our products. I may mention one industry, which you describe among others as showing no signs of improvement—tin-mining; but in reality it has been largely benefited by an increased American demand, and prices of tin are fifty per cent, higher than they were in November last. No doubt some of the advance is due to specu- lation, but apart from this, there is solid improvement, resting on sound grounds. Without wishing to exaggerate these favourable features, they must be admitted to be already largely modifying the depression, both by the facts themselves and, what is hardly of less importance, by their influence on opinion.
If it were not too great an intrusion on your space, I would like to have said a word on the sort of compensation which our manufacturers will find in. foreign markets to the Protectionist policy of Germany, and the consequent increased coat of German manufactures.
That we shall have a hard winter, none can doubt ; but I venture to think that we are not without some hopeful signs of alleviation.—I am, Sir, &c.,
4 Great St. Helen's, October 8th.
WM. ADAMSON.
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