A CHEERFUL PICTURE.

South Canterbury Times, Issue 2185, 19 March 1880, Page 3

A CHEERFUL PICTURE.

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 hayc been passing in the tone which he adopted at Huddersfield yesterday. In spite of all the adverse influences which have been in operation, there cannot be a doubt that we as a nation are richer now than we were ten 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 yeai’s ago. In 1870 the incomes liable to taxation were 415 millions; in 1877 they were 570 millions. In 1870 the sums deposited in savings banks weres3 millions ;in 1878 the}* were 74 millions. In 1870 the quantity of tea imported for use at Home was 117,000,000 lbs; in 1878 it was 157,000,000 lbs.’ Here, therefore, beyond all surbordinate and collateral evidence of immediate pressure, there arc 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.”