Social England : a record of the progress of the people in religion, laws, learning, arts, industry, commerce, science, literature and manners, from the earliest times to the present day . doubtedly largely due to the adoption of the Free Ti-ade , when much had already been done in this direction,our imports were valued at one hundred millions, and ourexports (including re-exports) were under seventy-five JS56 these figures had risen, the imports to over one hundredand seventy-two, and the exports to one hundred and sixteenmillions. By 1865 they had exceeded what app
Social England : a record of the progress of the people in religion, laws, learning, arts, industry, commerce, science, literature and manners, from the earliest times to the present day . doubtedly largely due to the adoption of the Free Ti-ade , when much had already been done in this direction,our imports were valued at one hundred millions, and ourexports (including re-exports) were under seventy-five JS56 these figures had risen, the imports to over one hundredand seventy-two, and the exports to one hundred and sixteenmillions. By 1865 they had exceeded what appeared to be themarvellous amounts of two hundred and seventy-one and onehundred and sixty-five millio-ns. In other words our imports hadnearly trebled, and our exjjorts more than doubled iu fifteen Trade. THE NEW ERA IN ECONOMICS. 497 1865] years. The statistics of foreign trade are, no doubt, imperfectevidences of general material progress, but all the facts andfigures at our disposal contiriu the belief that Englands wealthwas increasing with extraordinary rapidity. The progress was, however, not unbroken. The year 1857brought another of those crises and panics, which appeared to. TUr. AMEI;IC.\X OF ISJT.{licprtxluceil by specicd permission of the Proprietors of Fniich.) recur at regular decennial periods. There had been such crisesin 1826, 1836, and 1S47. Since this last date the country hadgone through the regular cycle. The panic had been followed byseveral years of depressed trade, during which wages were low,employment scarce, and profits on capital insufficient to temptenterprise. Gradually, however, confidence revived, and menwere more prepared to stake the slow accumulation of the badyears. The Crimean War (1854-56) gave an artificial stimulusto trade, and in 1855 confidence passed far beyond the boundsof prudence. Credit began to be recklessly given. Many large284 Tlie Crisisof 1857. 498 THE RULE OF THE MIDDLE CLASS. [1846 LimitedLiability. More FreeTrade,18
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