GREAT BRITAIN’S PROGRESS.

Kumara Times, Issue 1100, 9 April 1880, Page 2

GREAT BRITAIN’S PROGRESS.

: r —♦ Regarding Lord. Derby’s speech at Huddersfield the Pall Mall Gazette says “ Lord Derby is not prone to take an unduly cheerful view of things, and it is therefore satisfactory to find him speaking of the commercial depression through which we have been passing in the tone which he adopted at Huddersfield yesterday. In spite of all the adverse influences which have recently been in operation, there cannot be a doubt that we are as a nation richer now than we were 10 years ago. * Man for man ’ as Lord Derby says, after making every allowance for the increase of population, ‘ the people of England, Scotland, and Ireland, in this year 1880, possess a larger amount of property, a larger income in money or money’s worth, than they did ten years ago. In 1870 the incomes liable to taxation were 445 millions; in 1877 they were 570 millions. In 1870 the sums deposited, in savings banks were 53 millions ; in 1878 they were 74 millions. In 1870 the quantity of tea imported for use at Home was 117.000. lbs; in. 1878 it was 157.000. lbs.’ Here, therefore, beyond all subordinate and collateral evidence of immediate pressure, there are sufficient indications of the substantial and steady advance of the country in material prosperity, and no signs of its permanent decline. Trade, indeed, has ceased to advance by 'leaps and bounds,’ but it has been advancing and not receding; while the ‘ leap-and-bound’ theory of its advance is in a large measure responsible for the overspeculation which has resulted in the temporary collapse that has followed the earlier period of reckless inflation.”