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Rh the competition of other nations in the old markets is increasing, and even in England, foreign labourers are cutting out Englishmen. Hence the permanent depression in trade and manufacture so bitterly complained of, and hence two millions of people who found employment before can find none now, and avenge their misery and destitution by occasional acts of violence which can do them no good. The best days of England are past,—argue these thinkers,—and England must accept the inevitable, and must be content with her fair share of trade among the countries of the earth.

It is impossible to say how much truth there is in these statements, but one hears them constantly now adays in England, and from men engaged in business in London and in other mercantile towns. I was particularly struck with such remarks openly expressed in Bristol where I went in response to an invitation sent by the Colonial and Indian Reception. After a hearty reception and magnificent oration the Colonial and Indian visitors were allowed to inspect most of the great manufactories of the place. In course of conversation with several persons connected with large firms, I was struck with the uniformly pessimist views which they all expressed. "Do not think," one of them told me, "from the pompous reception we have given you that we are doing well. On the contrary times were never harder than now. Our ships remain in our harbours, our manufactures find no market, our men are unemployed. And what is more, we do not see any prospect of fresh openings to our trade. All the markets are glutted, all nations are competing."