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Imagination can scarcely compass the vastness of modern London whose population exceeds that of the whole of Scotland, or the kingdom of Holland, whose traffic and trade are almost fabulous, and whose wealth as displayed in the miles and miles of the richest shops in every direction, and in every part of the town, are almost beyond the dreams of Aladdin!
And yet there is a shady side to this picture. The cry of depression in trade has gone on increasing year after year, and the “better times” so hopefully prophesied and wished for have not come. There is capital in the country which can find no investment, there are goods produced year after year which find no market, there are millions of English labourers in the towns, and in the country willing to work for their bread, but who can find no work and are on the brink of starvation. Clear-sighted if somewhat pessimist thinkers and writers offer an explanation which is sufficiently intelligible, though one is loath to accept it as correct. They say that the insular position of England, her comparative freedom from revolutions and foreign invasions, and the wonderful enterprise of her sons gave them a start in the commerce of the world which cannot for ever be maintained. For a time Englishmen monopolised the carrying trade of the world, they manufactured goods for the great marts of the world, and they alone reaped the profits of this wonderful monopoly. Population multiplied accordingly in England more rapidly than anywhere else in Europe, and far exceeded what the produce of the little island could support. But this monopoly could not last forever. Other nations have waked to a consciousness of the benefits of trade—steady hard-working nations like the Germans, who deserve to succeed, are competing with Englishmen all over the world, are cutting out the English abroad, and even in England. London traders complain with a bitterness which one can understand, that in London itself there are many thousand Germans who have ousted so many Englishmen from work, who are daily ousting more because they can live on so much less than Englishmen of the same class. Frugal, abstemious, almost stingy in their habits, the Germans work hard and spend little—which even the London shopboy has not yet learnt to save, but must needs enjoy his holiday, and spend his little saving with his chums or his sweetheart in the Crystal Palace. Abroad, there is the same competition, continental labour is cheaper, continental goods compete with English goods even in English colonies and sell cheaper! At the same time all over Europe—the French, the Germans, and other nations are protecting their home industries against English products by heavy protective import duties, and England vainly asks them to be free traders, and to repeal these duties. The United States does just the same thing, and even the English Colonies, Canada, Cape Colony, and the Australian States protect their own goods and keep out English products by heavy duties, and England cannot ask them to repeal such duties as she had made India do. Thus the circle of foreign markets is gradually shrinking, the competition of other nations in the old markets is increasing, and even in England labourers are cutting out Englishmen…