Second Period.

These figures lead to the following conclusions: England, already possessing a greater measure of liberty, received during the first quinquennial period less stimulus than France from the commercial treaty, In the last period—1876-1880—the increase in the percentage of imports is greater in France than in England, and in the percentage of exports rather less; but France had lost Alsace and Lorraine. After the 1881 tariff, French exports show, at first, a falling off, while English continue to increase. For the last five years the figures show that French imports are stagnant, while exports have only developed 18 per cent. relatively to the period 1876-1880, whereas English exports have developed 38 per cent. Thus events have not given the lie to the confidence of the Free Traders; can the same be said of Protectionist prophecies?