This test contradicts the theory of decaying trade in an unmistakable manner, but it may be urged that these averages are insufficient to show the great depression in 1885. The fact is, that in 1885 there was a larger tonnage of minerals conveyed than in any year, with the exception of 1883, and a larger tonnage of goods than in any year except 1882, 1883 and 1884.

But a third test, that of production, may be applied. In 1884, the quantity of coal raised in the United Kingdom

was 160,758,000 tons.
and in 1885 159,351,000 ”

or about ·88 per cent.		Decrease1,407,000 tons.
In 1884 the tonnage of iron ore raised was 16,138,000 tons,
And Iron Ore imported 2,730,800 ”
18,868,800 tons.
In 1885,15,418,000 tons of Iron Ore were raised
Add2,822,600 ” imported.
18,240,600 ”

being a decrease of 628,200 tons, or a decrease of 3·33 per cent.

In 1883, the quantity of pig iron produced in Great Britain
was 8,529,000 tons.
” 1884 7,812,000 ”
” 1885 7,415,000 ”

The fact is, that 1883 was an exceptional year. The tonnage of minerals conveyed by railway in 1883 was 8,075,101 tons greater than in 1882, 13,451,612 tons greater than in 1881, and 23,815,308 tons greater than in 1880.

And in like manner the tonnage of general merchandise conveyed in 1883 was 2,192,034 tons in excess of 1882, 5,886,356 tons in excess of 1881, and 7,262,031 tons in excess of the tonnage of 1880.

The production of pig iron is not a real test, inasmuch as large stocks accumulate at certain periods, and the ratio of production is lessened in order to reduce the quantity in stock.

No doubt depression of trade may arise from lower prices. The years 1876 and 1877 were probably those during which the highest possible prices ruled for coal, iron, &c. What were the quantities conveyed by railway?

Minerals.
Tons.		Merchandise.
Tons.
In 1875 137,087,713 62,981,938
” 1876141,779,39364,185,671
” 1877146,864,41065,116,085
” 1880165,670,30469,635,325
” 1883189,485,61276,897,356
” 1885183,776,74573,511,709