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 fall in prices. It is, however, a most important and interesting subject. Anyhow, the prices of 1880 are better than the prices of 1879, and the prices of 1881 are, I believe, exceeding those of 1880.

Let us now see what Sheffield is doing in 1881 in all foreign markets. We have the Board of Trade returns for September. They show that the total value of hardware and cutlery exported for that month was £340,362, against £298,069 for September, 1880; and that the total for the nine months was £2,776,380, against £2,547,267 for the corresponding nine months of 1880. So far all is satisfactory, but, before I have done with statistics, I should like to give you another view of Sheffield trade by instituting a comparison of our iron, steel, and hardware trade with France, Germany, and the United States respectively. The figures I shall quote come direct from the Board of Trade.

Those referring to the United States are printed in the Appendix to Mr. Chamberlain's speech on the French Treaty in the House on the 12th August, as published by the Cobden Club. Those which refer to France and Germany have been forwarded to me on my application.

I find that as regards France, our importations of iron and steel manufactures for 1880 amounted to £118,000, while our exports to France for the same period were of partly manufactured articles of iron, wrought and unwrought, £789,000; of manufactured articles—fire-arms, £5,000; other kinds, £3,000; hardware and cutlery, £174,000; steam-engines, £129,000; other machinery, £567,000; total £1,667,000. As regards Germany, during 1880, our exports of hardware to her were as follows:—Iron, wrought and unwrought, £1,145,000; manufactured goods—hardware and cutlery, £182,000; implements and tools, £13,000; steam-engines, £228,000; other machinery, £843,000; total £2,411,000; while as to our imports of iron and steel, on searching for this item I find literally nil; there is no entry whatever under this head in the paper which I hold in my hand, which I have received from the Board of Trade, and which is open to the inspection of any one!