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 And now for another passage of his, p. 289:—"Again, if we look at the United States where Mr. Bright has so often told us to look, we shall find that their exports for the year ending June, 1881, exceeded their imports by £54,000,000. This ought to mean that the Americans are getting poorer, if they are not actually approaching bankruptcy; but they by no means regard it in that light. They like Mr. Bright's praises of their country, at the expense of his own, but they will not have his teaching at any price, and consequently they will go on exporting more than they import as long as good fortune enables them to do so. Then there is France, she also should have been sinking deeper and deeper in the slough of despond, for in her case also the exports exceed the imports."

This statement about France is astounding! It is absolutely contrary to fact. In 1880 France, according to the returns, imported in excess 63 millions; in 1879, 57 millions; and in 1878, 43 millions. France is now, and has been for the last five years, an importer on balance, and her annual excess imports are rapidly mounting.

Very severe things might be said of such a blunder as this, but I pass on to his notions about the United States excess of exports, which, by the way, was not 54 millions but 52 millions, for the year ending in June last. His notion that the wealth of the United States, and the virtues of protection, are proved by this excess of exports is one worthy of the Neo-Protectionist school, and "a measure of their intelligence." Is our Quarterly Reviewer ignorant, or is he oblivious, of the fact that the United States are largely indebted to Europe, and have to pay a large annual tribute to Europe, in money, or in kind, by way of interest on that debt; and that they have scarcely any ocean-carrying trade? Is he ignorant, or oblivious, of the fact that thousands of absentees, and travellers, who come over here from the States, have to remit to Europe, in one shape or other, the expenses which they incur? Let us endeavour roughly to estimate what these three items amount to. 1. Indebtedness.—Let us say the States owe Europe 500 millions; 5 per cent on this makes 25 millions a year for them to pay annually. 2. Shipping.—Owing to blessed Protection—poor