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 which we are now considering were due to temporary causes, which can never recur. In the nineteenth century England was the most fortunately situated country, geographically, in the world. When the opening and development of the Atlantic trade deprived the Mediterranean ports of their pride of place, an Atlantic stage of world-commerce began, in which England, an island with good harbours on its western coasts, was in the most favourable position. The Pacific stage which is now beginning must inevitably give the primacy to America. We had also a long start, industrially, over all our rivals, and our possession of great coal-fields and iron-fields close together gave us a still further advantage. Our labour was then cheap and good; our manufacturers capable and energetic. All these advantages are past or passing. Henceforth we shall have to compete with other nations on unprivileged conditions. It is useless to lament the inevitable, but it is foolish to shut our eyes to it. The Victorian Age was the culminating point of our prosperity.