The Evening Star. PUBLISHED DAILY AT FOUR P.M. Resurrexi. WEDNESDAY, NOVEMBER 18, 1886.

Thames Star, Volume XVII, Issue 5253, 18 November 1885, Page 2

The Evening Star. PUBLISHED DAILY AT FOUR P.M. Resurrexi. WEDNESDAY, NOVEMBER 18, 1886.

The depression in trade, from which the commercial world is suffering, and has been for the past seven years afflicted with, was the subject of a paper read at a meeting of the British Association for the ad* van cement of Science held shortly before the last mail left England. Theessayistwas Professor Leone Levi, and he endeavored to put aside the theories of many recent

writers on the subject. Tbe Profeasot thought that the falling off in the production of gold is not one of the causes. Prices would bare fallen all down the list had tbe scarcity of gold disturbed tbe relationship between the mechanism of exchange and tbe commodities that are bought and sold by the pound sterling. There has been a partial, not a universal, decline. At the same time, while all prices might be tending downwards, special circumstances might be keeping them up in some cases. It is put that an excess of imports over exports by no means indicates a corresponding indebtedness to foreign nations, for many other items must be taken into account before the balance of indebtedness can be struck, a large portion of tbe imports coming into the country in payment of money due upon the investment of capital abroad, payment of freight for the employment of British ships on foreign eccount, &c. This argument is produced by opponents to protective duties, who cannot but see evil in any argument offered in favor of encouraging colonial industries by the careful nursing attendant on a judiciously arranged Customs tariff; but the fact nevertheless remains that a reduction of imports which means an increase of production adds its wealth to the country making it. If instead of sending capital from the colony for articles prodncable in it, thesame capital were expended in utilissing the natural resources of it much more wealth would be owned by it. It is somewhat gratifying to reflect upon the fact that a general falling off in gold pro* duction throughout tbe world has not had that effect which has been frequently attributed to it. Professor Leone Levi finds that the causes of the depression— which he regards as temporary —lie deeper than is supposed. Tbe general condition of trade has considerably altered, and it is much more precarious than it was 15or 20 years ago. Competition may be keener both among indmdnal capitalists and between nations ; and it is doubtless true that the " advantages which leading merchants once possessed from their extensive agencies are neutralised or lost by tbe promptitude with wbich everything is communicated to the world through tbe press, while electricity and steam hare by their speedy or instantaneous movemment greatly narrowed the field of speculation." But neither these observed facts nor the increasing rates of wages are to be regretted. "What is wanted is a greater diffusion of comforts and more confidence in political and social tranquility." People do not appear to appeciate the fact that with the rapid increase and growth of population, the keenest competition arises and in addition to this tbe same rapidly growing people must be fed clothed and employed, and in the case of those whose employment'[or means of living is not adequate to their necesssary feeding and clothing, the task falls upon tbe shoulders of those who have accumulated the goods of this sphere. If this were fully recognised, increased means of usiDg up every known natural source of wealth would be more generally adopted, and the produce supplied by a bounteous nature more freely taken advantage of. TakiDg all the foregoing plainly put circumstances into careful consideration, it behoves those in a position to do so to give every aid they possibly can to the industries of the country, and more particularly is this the case with those who have acquired wealth and wish to properly utilize it in their own.interests, as well as for the general weal.