The English Failures

Tlie roceut lieavy failures in Engkad. coming as thcy do nearly two years after our owu failureö of 1873, aro the slow responso to them. It is absurd to say thatthecommercialandindustnal interest of one civilized country are independent of anothor. Interchange bas bacome so active and intímate between all civilized nations, that one cannot remain uuaffected by tlie misfortunes of others. The English failures are not the direct rêsult of the break-down of our owu credit two years ago, but they are caused by the prostration of trade which followed that break-down. Tho Eritish monetary system is said to be an admirable one ; still, it deals very largely in credit, and is affected bv the causes that affect the credit of oth.er lauda. The Britisli poople liavo Übeix pánios and eollapaea as well as -we, in spit of their greater prudenco and caution, and during the lust few years tliey lmve lost immense sums of money i invested in tke non-p;i ving seeuritios of foroign cóuntriés. Tlio immodiate cause of the late failurcs, it Is said, is the, increasing tagnation of trailo, and the accumulation of stocks of unsulablc manufactures at tlio milis. Kut to thïs is to bo added, we suspect, thóstnkojof woi-kmen in tho ccüEerieB and milis. These strikes lmve ceased to bè n phenomenon ; thcy have becomt a oonstant disturbance, and have inflicted such likrge losses on manufaeturers that the subject of tho. transfer of certain branches of manufacturers to Kelgiuin and Qer many and the TTnited States 18 s.-iiously defoated. It is conjet-tiuvid tbat other failrres in Kngland will follmv KlOse al ready taken pfause, as inulc eonlinues deI pressed, and the full effectB of thd