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Rh War in 1870. The progress of depression has been irregular, but with a persistent downward tendency since 1874. The present tendency is still downward.—Testimony of the North of England Iron Manufacturers' Association, September, 1885.

The depression has been increasing in intensity during the last four years. It was probably never greater than at present at this season of the year.—Testimony of the British Paper-Makers' Association, September, 1885.

Trade began to be depressed in 1876, and has continued so till the year 1883, with intermittent spurts of improvement. But from the end of 1883 the depression has become increasingly acute.—''Testimony of North Staffordshire Chamber of Commerce, October 21, 1885. ''

As a proof of the deplorable state this trade [woolen-yarn spinning, Huddersfield, England] has been in for the last ten or fifteen years, we most respectfully beg to inform you, we hold the list of fifty firms of spinners who have been ruined and brought into the bankruptcy court during that period. Another proof of the very serious state of trade here is to be found in the depreciated value of carding and spinning machinery. Good machines, and for all practical purposes equal to new, if brought into the market will only realize some thirty or forty per cent of their cost price. Mill property is also in a similar position.—Report of the Huddersfield (England) Chamber of Commerce, October, 1885.

1886. Out of the total number of establishments, such as factories, mines, etc., existing in the country [the United States], about eight per cent were absolutely idle during the year ending July 1, 1885, and perhaps five per cent more were idle a part of such time; or, for a just estimate, seven and a half per cent of the whole number of such establishments were idle, or equivalent to idle, during the year named. . . . Making allowance for the persons engaged in other occupations, 998,839 constituted "the best estimate" of the possibly unemployed in the United States during the year ending July 1, 1885 (many of the unemployed, those who under prosperous times would be fully employed, and who during the time mentioned were seeking employment), that it has been possible for the Bureau to make. . . . A million people out of employment, crippling all dependent upon them, means a loss to the consumptive power of the country of at least $1,000,000 per day, or a crippling of the trade of the country of over $300,000,000 per annum.—''Report on Industrial Depression, United States Bureau of Labor, 1886. ''

1886. It may be remembered that about twelve months ago there were evidences of an improved feeling in the English iron-trade. This was caused by the news of improvement in America; but this better feeling soon passed away, and was succeeded by even a deeper depression and lower prices. . . . On examining the Board of Trade returns, it is disappointing to find that any improvement in our exports is confined almost exclusively to the United States, and that many of our principal customers have been taking less than formerly. This, however, may be explained by the depression which has hung over other countries in common with our own.—''London Statist, November, 1886. ''

1886. The present crisis has a much more general character than any of the crises which have preceded it; because it is a part of an abrupt transformation in the production and circulation of the whole world. For the same reason, it is destined to last longer.—, Revue des Deux Mondes, 1886.

1887. It is pretty well known that the late revival in the English iron-trade was largely, if not exclusively, due to an increased demand from the United