There are signs that the end of the lean years
is at last at hand. Not only is the revenue improving in every branch except the Excise, but the railways are declaring better divi- dends, and the banks report that their earnings rapidly increased during the half-year. The prices of iron, steel, wool, and cotton are going up, and even the wretched farmers are receiving prices at which wheat can be grown without actual loss. There is still no rise in copper, lead, or tin, and coalowners are threaten- ing reductions of wages ; but the general belief of experi- enced men is that the tide is turning at last. It is time, for the depression has been the longest upon record, having lasted ten years. During the whole period, however, it has been marked by many circumstances of mitigation. The taxes have not pressed perceptibly ; bread has been abnormally cheal ; wages have declined less than the fall in provisions, and the suffering has not fallen on the body of the people. The Haves have borne the brunt, instead of the Have-nots, and there has been more discomfort, grumbling, and panic than acute misery. If peace is only preserved, there may be a year or two of con- solation for producers, and even for the trades, like hatterp, coachbuilders, booksellers, and job-masters, which are ruined by "depression" among the well-to-do.
