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 case in point has until now been known to two or three individuals only, one a personage of eminence who put into my hands in October, 1878, an optimist pamphlet, or rather paper, by the late Mr. Wm. Newmarch, F.R.S., an esteemed member of the Statistical Society, manager of a department in the Bank of Messrs. Glyn and Co., and a distinguished authority in trade and currency questions. This paper is entitled "The Progress of the Foreign Trade of the United Kingdom 1856—1877," and is to be found in vol. 41 of the Statistical Society's Journal. Table XV. on page 221 gives the following abstract (substantially, though in a more perplexing form)

Mr. Newmarch next reduces this enormous excess by

He then proceeds as follows upon page 222:—"From this total of one thousand six hundred and ten million pounds sterling we may take away one hundred for excess of imports of bullion, leaving one thousand five hundred and ten million pounds sterling as the excess of imports of merchandise; and when the whole subject is considered the wonder will be, not that in twenty-two years there has been a total excess of one thousand five hundred and ten million pounds sterling, but that it has not been greater"! Here is simply an assumption, but so calmly made that nobody is likely to stop and examine it