MUNDELLA (A. J.). Discussion on his Paper-contd.
Mundella (A. J.), reply-contd.

in coal prices owing to sudden demands for American and Russian rail-
ways; foreign countries would continue to produce their own textiles,
and England could not expect to monopolise the work of the world; inex-
haustibility of our ironstone; recent great reductions in wages an evidence
against Mr. Pochin's remark that competition in the labour market was at
an end; impolicy and injury to ourselves of retaliation by taxing foreign
productions.

Lefevre (G. J. Shaw)

Summing up of the discussion; trades unions and intemperance as prevalent
in other countries as in this, and labour more efficient here than in any
other country; the depression, failures, and want of employment also
greater abroad; no evidence of our commercial supremacy being in
danger, nor of the near exhaustion of our coalfields.

MUNDELLA (A. J.). Remarks in discussion (Giffen on capital)
Remarks in discussion (Newmarch on Foreign Trade)
on "Depression of Trade" (analytical notice of)

NEISON (F. G. P.). Remarks in favour of the necessity of trades

unions

NEWCOMB'S "A B C of Finance" (analytical notice of)
NEWMARCH (William). On the Progress of the Foreign Trade of
the United Kingdom since 1856, with Especial Reference to the
Effects Produced upon it by the Protectionist Tariffs of Other
Countries

Foreign trade, its nature and benefits.

quotation from J. S. Mill, on the benefits of foreign commerce from each
country producing for foreign markets as well as for its own, what it lies
under least disadvantage in producing; and that its direct advantage con-
sists in the imports, and not, as generally supposed, in the exports.

the origin of the latter idea, from the theory that money is the only
wealth, and that the fortunes of merchants are more in question than the
saving of price to consumers

summary of the philosophy and questions of fact to be determined
Free-trade policy of the United Kingdom in 1816; statements of Sir Robert

Peel

On the non-necessity for obtaining reciprocity of reduction from foreign
countries, showing increased exports under removal of prohibitive
duties

Sir Robert Peel's important speech of 6th July, 1819.

extracts from it, giving the facts and reasons of his free trade policy
the London merchants' petition of 1820, in favour of buying in the
cheapest market, and selling in the dearest.

Sources and nature of the evidence employed in this inquiry.

notice, of Mr. Joseph Fletcher, formerly secretary and editor of the
Statistical Journal.

the series of periodical returns of trade, banking, &c, as published
quarterly in the Journal

Three leading questions to be answered (what we import and export, and
to what countries), with explanatory summaries of details.
Summary (and table) of results of imports and exports, United Kingdom,
twenty-two years, 1856-77.

conclusions of the various rates of increase, and of our claims on
foreign countries for interest, loans, investments, &c., which would explain
the great increase of our imports

Summary of imports and exports of four principal protectionist foreign
countries, 1860-75 .

tables showing great increase of imports in each country from railway
expenditure, and conclusions showing our ordinary increase per head to be
100s. to 4s. in other countries

Detailed examination of imports and exports, United Kingdom, 1856-77
-tables of percentage of our leading imports and exports, showing no
abatement in our consumption of raw materials and textile and other
exports

Geographical distribution and derivation of our exports and imports, 1858-77

table of exports to foreign countries in tariff groups

Rapid growth of new industries in the United Kingdom, 1856-77, as indicated
in tables of supplemental imports and exports

PAGE

131-2

133

36

283

429

128-9
668

.

187

188

188-9

190
190-91

191-3

191-3

193-7

193-4

195
197-8

197

198-9

199-201

201-3

202-3

203-6

205-6

206-8

207-8
209-10

209

211-13

Effect of variations of prices of large groups of commodities on the declared
values of imports and exports, with tables of wholesale prices
Remarkable instances of variations of prices arising from fiscal reform and
improved means of transport

NEWMARCH (William). Progress of Foreign Trade—contd.

Remarkable instances of variations: table of prices of wheat in seven
European countries, showing percentage fall in England from free trade,
and rise in others from easy transport

Corrections required in the official declared values of imports and exports,
with illustrative tables of deductions from imports and additions to exports,
of freights, charges, profits, &c.

deductions from imports of interest on loans, capital and private
fortunes transmitted to England

Direct evidence of large accumulation of capital in United Kingdom, 1856-77,
with tables of income tax, showing growth of incomes, &c.
Principal causes of the commercial distress in Europe and the United States,
1873-78

the excess of our imports, and the growth of incomes explanatory of

the excessive prosperity of 1871-73, from demands created by the suspen-
sion of industrial life during Franco-German war, railway mania in United
States, Suez Canal steam vessels, &c., with the collapse from little work
and high wages, and the agricultural distress since 1873

wide spread losses in railway and joint stock companies in America and
Germany in 1877
Effects on commerce and prices of the gold discoveries of 1848-51, and com-
parison of prices, 1831-45 and 1870-77

table of gold supplies from Russia, California, and Australia, 1849-76
tendency to low prices, and discouragement of enterprise previous to
the gold discoveries; and the anticipated rise of prices and fall in interest
to the injury of fixed incomes since, proved to be erroneous

extract on the subject from Tooke's "History of Prices"

notice of Professor Jevons's works on the effect of the new gold on prices
table of wholesale prices in London, 1831-45, before gold discoveries, and
in 1870-77, twenty-one years after.

Verification of free-trade principles, with extracts from Sir R. Peel, Stuart
Mill, &c.

freedom of intercourse, and banking transfer processes a further develop-
ment of free trade

Conclusions, summary of

Appendix of tables: declared value of merchandise, imports and exports,
1856-77

five tariff groups of countries, percentages of "exports to" and
"imports from

supplemental imports and exports, 1856-76

percentages of wholesale prices in London, 1845-50 and 1851-77
(1831-77)

PAGE

216-17

217-22

922

223-7

227-30

227

228-9

229-30

230-4

230

231-2
232

233

233

234-5

236

236-8

240-53

254-5

256-7

258-61

imports and exports, 1856-60 (examples of the tables in Journal)
Appendix, distress and socialism in Germany, 1874-78

262-4

265-7

negotiations concerning commercial treaties, 1860-78 (extracts)
protective duties in the United States, extracts from the "Atlantic

267-75

Monthly," and "New York Bulletin "

275-9

corrected table of imports and exports (p. 221), with notice of the re-
exported articles of foreign and colonial produce

279-82

Discussion on Mr. Newmarch's Paper:

Mundella (A. J.)

Thought Mr. Newmarch's arguments exploded the doctrine of reciprocity;
distress of the American cotton manufacture; error of our colonies in
endeavouring to compete with the mother country in manufactures

Patterson (R. H.)

Objected that any theory should be held up as unimpeachable in the Society;
and doubted whether all the rest of the world was wrong in objecting to
free trade, as economic laws must be influenced by the circumstances of
each country; the accumulation of wealth since free trade (1843) not a
greater annual percentage on pre-existent capital than between 1815 and
1843

Bourne (Stephen)

Objection to Mr. Newmarch's opinions that excess of imports was paid for
by income accruing to us in foreign countries, as the rapid increase of
imports had been concurrent with a diminution of profits from trade
abroad, etc., our imports from America were paid for by our returning their
bords, so that we were living on our capital

Doxey (Rev. Mr.)

Notice of errors in the percentage tables which had occurred from the use of
fractions

283

284

285-6

286

Considered that the northern countries of Europe had less hostile tariffs
than were ascribed to them; the increase of our trade could not be
ascribed to free trade only, as the percentage increase of that of France,
Austria, and Russia was still greater

287

NEWMARCH (William).

Adjourned Discussion, 18th June, 1878.

PAGE

Walford (Cornelius)

Had moved adjournment, as he considered papers of importance could not
be sufficiently discussed on the same evening

Bourne (Stephen)

Had to notice some errors in Mr. Newmarch's paper; the imports included
those re-exported, which should have been deducted, 288-9. Error in com-
parative amounts of enumerated and unenumerated imports, the latter
being calculated numbers only, as one-fourth of the enumerated, and
shown to be very different from the real amounts, and therefore not fitted
for permanent statistics, 289. Enumeration of erroneous totals on which
percentages had been founded; the actual value of imports, the official
value deducting freight paid in England and insurance; difference in
results of Mr. McKay's and Mr. Newmarch's calculations, 290-91. 1,000
millions of imports, afterwards exported, included in 1,610 millions excess
for twenty-two years, making the average annual excess only 824 millions,
instead of Mr. Newmarch's calculation of 70 millions, 291. Startling excess
of imports, in the last five of the twenty-two years, 1856-78; danger of
this excess to British commerce, and necessity for economy, and endeavours
to increase our colonial exports

Cohen (L. L.)

288

293-4

The supposed expansion of trade from free trade attributed in other countries
to increased facility of communication; large amount of foreign securities
parted with recently in paying for excess of imports

294-5

Clarke (Hyde)

The recent progress of the world undoubted, and probably more due to con-
venience of transport than to free trade; instances of such improved
transport

Newmarch (William)

The advance of trade in the protectionist countries due to excessive railway
construction; he agreed to the correction of his paper, by the deduction
of re-exports from the imports; difficulties attending attempts at recipro-
city, and probable benefits to all countries of a free-trade policy
NEWMARCH (William). Remarks on the necessity for care and com-
mon sense against bad investments

on "Results of Free Trade" (analytical notice of)
opposed to Mr. Seyd's opinion on the Act of 1844

OWENS COLLEGE, Manchester, and a northern university (see Hey-
wood)

its endowments, buildings, medical schools, &c.
table of annual examinations there.

PARIS, its rise as a loan market after the revolution

PARIS. The Commissariat of Paris (translated from "l'Economiste
Français")

Poultry and game, average prices and numbers sold, 1872 and 1877, showing
increase generally in both in latter year

301

662

662

Butcher's meat and pork : quantity consumed and wholesale prices, 1872 and

Butter, eggs, cheese, vegetables, and fruits, ditto

PASCAL (Blaise), invention of a calculating machine in 1642
PATTERSON (R. H.). Remarks in discussion (Newmarch on foreign
trade)

Remarks on famines in China from inundation and drought
PAUL (H. M.). Remarks on Mr. Walford's paper on famines (want
of those between 1708 and 493 B.C.).

PEEL (Sir Robert). His statements on the free-trade policy
United Kingdom in 1846

of the

191-3

extracts from his speech of 6th July, 1849, in favour of ditto
PLAGUES of insects and vermin, tables of

193-7
499-500

POCHIN (H. D.) Remarks in defence of Professor Jevons's statement

of our probable coal consumption, &c.

POOR. Tables of Pauperism, &c., 1867-78
POOR'S (H. V.), "Money and its Laws," (notice)
POULTRY, &c., prices and number sold in Paris in 1872 and 1877
PRICE (Bonamy). Address as President of the Department of
Economy and Trade of the National Association for the Promotion
of Social Science, at the Twenty-second Congress at Cheltenham,
October, 1878.

Critical state of political economy; the triumphs it has won in danger of being
reversed in foreign countries, in our colonies, and among our capitalists
and workmen

Illustrations of both selfish and noble feelings which are always arraying
themselves against its laws.

Mistake made by economists in attempting to give a scientific form to
political economy

Illustrations of this error in the definition of a "wage fund" and "rent"
Definitions of kinds of knowledge which are not science

Objection to Dr. Ingram's definitions of the scientific character of political

economy

Geometry and chemistry as illustrations of true science

Mr. Lowe's scientific formula of “political economy," which would make all
knowledge science

Political economy: not the common sense of the practical man who swarms
with theories, but the outcome of natural intelligence studying common
processes long known to the world.

Objections to Dr. Ingram's proposal for incorporating political economy as a
branch of sociology.

Independence of political economy in a special but subordinate field of

research

Historical notice of examples in which political economy has been deliberately
put aside by higher moral unselfish considerations.

Conclusion as to the necessity of considering political economy as the
"common sense" of mankind, and not a system of scientific laws.

PRICE (Bonamy). Objection to the scientific character of political
economy, replied to (see Ingram)

"Practical Political Economy," (analytical notice of)

PRICES, tables of consols and provisions, pauperism and coal, 1877-78.
comparison of in 1831-45 and 1870-77

table of wholesale in London, 1831-45, and 1870-77.

tables of percentages of wholesale prices in London 1815-50, and

1851-77.

wholesale, in London 1867-77

effect of variations of, on the declared values of imports and
exports (with tables).

remarkable instances of variations of from fiscal reform, &c.
PROPERTY, increase of, three to four times that of population,
1865-75

PAGE

124-6

596

159

662

637

637-40

639-40

641

611-2

642, 641

642-3

644

645

646-7

648-50

650

651-2

653

605, &c.

668

169
230-34
233

258-61

365

213-15

216-17

19

QUEBEC, notice of early population enumerations of

RAILWAYS, overbuilding of, in the United States, and number sold
under foreclosure in 1876-77

in America and Germany, wide-spread losses in, in 1877
enormous extension of, in the United States, followed by crashes
and pauperism in 1875-77

RAIN. Table of floods and inundations

RAWLINSON (R.). Remarks against the principles of trade unionism
RAWSON (Sir Rawson). Remarks on the value of rain in Barbadoes
to the sugar crop of the following year

REDGRAVE (Alexander). Extracts from, on the labour question in Ger-
many and Belgium .

REGISTRATION of marriages, births, and deaths (serial tables):

Quarter, September-December, 1877

divisional tables, 1875-78

see also Mortality.

(serial, average, bastardy, and divisional tables):

Quarter, December, 1877

summary of Great Britain and Ireland:

REPUDIATION of debts on loans of Mexico, Buenos Ayres, &c

174-6

176

302-3

REVENUE, net produce of, and application, &c., in years and quarters

ending:

December, 1874-77

182-3

ROBERT (C.). "Biographie d'un Homme Utile" [M. Leclaire] (analy-
tical notice)

669

SAVINGS BANKS, increase of deposits in, during depression of
1875-77 .

583

tables of deposits, 1867-78
SEYD (Ernest). Diagrams Exhibiting the Positions of the Bank of
England, the Bank of France, the German Reichsbank, the National
Bank of Austria, the Netherlands Bank, the National Bank of
Belgium, the National Bank of Italy, and the State Bank of Russia;
with remarks thereon, and references to the Note Issue System of
the Bank of England

Diagram No. 1, and explanation of its construction and colours as regards
the Bank of England

596

40

40-2

The year 1876 chosen, as being the last for which the necessary returns

The item "Other Securities" not bills discounted only, but chiefly invest-
ments in railway and other securities

The full and valuable reports of the foreign banks worthy of imitation by the
Bank of England

The Bank of England, though nominally a private institution, really more a
State bank than foreign State banks

43

43

44

Reichsbank of Germany; the greater portion of its assets bills discounted;
its clearing system, rates per cent., and minimum of 334 per cent. of bullion
for its note issue, aud payment of 5 per cent. to the government on all above
12 millions.

elaborate yearly report, and published book of its customers
National Bank of Austria, next largest capital to Bank of England, but
deposits small, replaced by mortgaged securities

moderate government securities, covered to 50 per cent. by bullion, &c..
depreciation of the Austrian exchange due not to the bank, but to the
separate State issues
Netherlands bank, no government securities, but using its capital and
deposits in bills; its issue covered by bullion to 90 per cent.
National Bank of Belgium, few securities, mostly bills discounted; issue of
notes covered by 333 per cent. of bullion only, which limit is sometimes
exceeded

National Bank of Italy, a young institution, the old State banks being still
powerful; these and the National divide a total State issue of 40 million
pounds, "Biglietti consorziali "

State Bank of Russia, its bullion taken at its paper value, and its capital the
smallest of all great banks.

doubtful character of some of the items of liability, &c.
Diagram No. 2, comparative accounts of the banks of England and France
Bank of France, principal assets in bills discounted; account of its power and
management of the currency during the war and siege of Paris, its large
advances for payment to Germany, reduction of government securities,
and final covering of its enlarged issue with 90 per cent. of bullion.
Lessons to be learnt from its action by the Bank of England in case of war
Bank of England, stagnancy of its business compared with the trade of the
country and the other banks

the cause of this stagnancy the permanent fiduciary issue of the
government securities, which should instead be pro ratá to meet the
bullion contraction or expansion

the bank has had the power (by clause 2) to diminish these securities
to ensure that end, but has not acted on it.

-necessity for altering clause 8, so as to reduce the State's profit when

44-5

46

46

46

47

47

47

48

48-9

49

49

50

51

51

52-3

54

54-5

56-7