| Aggregate Gross Liabilities. | Per Head of Population. | |
|---|---|---|
| 1876 | £776,000,000 | £23 13 9 |
| 1886 | £745,000,000 | £20 13 8 |
| 1896 | £652,000,000 | £16 13 2 |
That is to say, that within the past ten years—the years of alleged depression and blight—we have reduced our national indebtedness by over 90 millions sterling. During the same period it is worth while to point out that we have expended enormous sums in the almost complete reconstruction of our navy. Meanwhile Germany—the hated rival—has, since the war, added as many millions to her debt as we in ten years have taken from ours.
SOME STAPLE COMMODITIES.
In case the pessimists and the Protectionists should be still unconvinced by these proofs of national prosperity, let us turn to a new series of tests, the test of consumption. The great staple commodities which we will first take (cotton, wool, and coal) are partly required for manufacturing purposes and subsequent export, and partly for home use. The word “consumption” covers both uses, and we cannot, except in the case of wool, readily ascertain to which use the greater effect is attributable. In the case of wool it so happens, as was previously pointed out, that our export trade in manufactured goods has declined. But since the total consumption of raw wool by the United Kingdom has gone on increasing, it is clear that the decline in woollen exports has been more than made good by the increased home demand, unless, indeed, it be imagined that woollen manufacturers go on weaving an endless web which nobody wears. Nor is that all, for the figures of our import trade show that in addition we are importing considerable and increasing quantities of foreign woollen manufactures. So that not only have the home consumers more than recouped the British woollen manufacturer for the decline of his export business, but so great is their purchasing power that they can, at the same time, afford to send abroad for fresh woollen stuffs to please their fancy. Here are the figures showing the consumption by the inhabitants and manufacturers of the United Kingdom of three staple articles referred to:—
Consumption of Cotton, Wool, and Coal in the United Kingdom.
| Average of Five Years. | Cotton (Raw) Million lbs. | Wool (Raw) Million lbs. | Coal Million Tons. |
|---|---|---|---|
| 1870-74 | 1,178 | 342 | 108 |
| 1875-79 | 1,221 | 353 | 118 |
| 1880-84 | 1,445 | 354 | 136 |
| 1885-89 | 1,467 | 416 | 141 |
| 1890-94 | 1,590 | 475 | 151 |
| Year 1895 | 1,635 | 510 | 157 |
With regard to the figures for cotton in the above table, it is only necessary to remark that the British manufacturer, whether for sale abroad, or for sale at home, is clearly working up more stuff than ever before. The figures for wool have already been explained. With regard to coal, the figures necessarily include both domestic and industrial consumption; but whichever be the more important element, the totals are remarkably healthy.
PERSONAL AND DOMESTIC EXPENDITURE.
An even better test of the increased spending power of the nation is furnished by the figures giving the rate of consumption of such articles of everyday use as tea, sugar, and tobacco. It will be seen from the following table how rapidly our national consumption of these staple articles has increased during the past decade—the decade of alleged ruin:—