Iii.—: Wool.

Wool, according to Mr. Chamberlain, is doomed.

The consumption of raw material shows an increase:—

i.e., an increase of £131,000,000.

A diminution in the export of wool would prove not the decline of the industry, but an increase in home consumption of woollen goods; such an increase disturbs the calculations of those who believe in the Balance of Commerce, and they, therefore, refuse to take it into account. Their countrymen must never buy, never consume, only sell to the foreigner; they are condemned to asceticism while all the useful or pleasing products of their country are despatched across the frontier.

A country’s exports are only a part of its activity; the United States absorb their whole output of iron and steel. Profits on industrial enterprise are an element; there is depression when they fall like card houses, but as long as dividends are paid, reserves increased, depreciation written off, and large amounts of capital ready for disposal, there is no danger.