ο»Ώ THE COMMERCIAL DEPRESSION. ! I|1878-01-26|The Cardigan Observer and General Advertiser for the Counties of Cardigan Carmarthen and Pembroke - Welsh Newspapers Online
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,Β‘ THE ALLEGED HOTEL FRAUDS.

COSTUME BALL IN A LUNATIC…

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ATTEMPTED MURDER AND ROBBERY.

THE TELEPHONE.

ON THE DIZZY BRINK.

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THE COMMERCIAL DEPRESSION.…

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THE COMMERCIAL DEPRESSION. I At the annual meeting of the Liverpool Chamber of Commerce, Mr. Samuel Smith,the president, spoke at length on this subject. He said the past year had been the worst of the period of the recent commercial depression. Jtxcessive stagnation had characterised all the leading branches of industry, and the Board of Trade returns were most unfavourable, and even ominous, for while our exports were below 200 millions our imports had risen to 400 millions in the gross; and after making all deductions and allow- ances there was a net difference of 150 millions. The causes were manifold, and he would only name two or three. Foreign competition was one. Our foreign customers were becoming more self-dependent than formerly, and it was also discourging to find them going back to restrictive tariffs. Many of the poorer countries in the world which had formerly borrowed from us could not now do so, and the proceeds of such loans were not now spent in this country. Then there was the vital question of the increased cost of production in this country arising from increased wages and shorter hours of labour. Then there was the terrible action of strikes, that in South Wales having lasted six months, and cost two millions sterling. These reckless and miserable inter- necine wars between capital and labour in- volved sufferings quite as great as those imposed by civil war. (Hear, hear.) He hoped that some steps would in future be taken to reconcile these interests, and suggested that the Education Department of the State might help by having the rudiments of political economy taught to boys before leaving school. Then there was the wasteful consumption of strong drink, about 150 millions per annum, and the waste of labour and resources which it involved, and the diminution of labour power which it caused. The American artisan from being more sober stood ten per cent. higher in labour power than the English. What the country wanted was a return to habits of economy, sobriety, and hard work. Of course part of the depression was due to great political anxiety, and we must also not forget that great depression also prevailed in other countries ef the world. Mr. Rathbone, M.P., who seconded the adoption of the Chamber's report, derived comfort from the consideration that the mis- takes which had been made had been those of indi- viduals and not of the Government, and that the suffering had not been increased by injudicious legislation. He expressed his great surprise that a now and great country like America should follow a protective system, with the obvious fact before them, that the enor- mous prosperity of England during late years had been mainly due to free trade. Alluding to the case of Barbour and Williamson, Mr. Rathbone suggested that the Chamber of Commerce might with advantage appoint a committee to define the legitimate and customary charges of trade, and that every merchant 'could then send a statement of such charges to his correspondents. Mr. Alexander Brown, M.P., made some remarks on the same subject, after which the report was adopted. I

THE GROWTH OF WEALTH.

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A ROMANTIC MARRIAGE.'I

CHARGE OF ABDUCTION..

CO-OPERATIVE SANITATION.

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A TRIUMPH OF MEDICAID SKlr

FUNERAL OF KING VICTOR EMMANUEL.

CARDINAL MANNING AND THE β€ž…

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TWO SENTENCES OF DEATH.]

FENCES IN THE FORGED LEASES…

THE MAT%0NIAL MARKET IN PARIS.

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LIFE ON A GREAT CHINESE RIVER.

MURDEROUS BRAWL IN A PUBLIC-I…

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