Excerpt from The Saturday Review of Politics, Literature, Science, and Art, 1881, Vol. 51
CR England, and for a large part of the civilized world, the New Year starts with a fair promise of commercial prosperity. Russia is crippled with debt and embarrassed with famine, and the trade of India and China is still inactive. But in the three chief centres of commercial activity - the United States, France, and England - there is an obvious increase of prosperity, and of prosperity that is solid and based on the only ground that makes prosperity solid, the application of an abundant capital to the production of what is really wanted. How abundant capital is has been clearly shown in the closing months of the year that has passed by the great rise in the price of existing safe securities, and by the low rate at which sound borrowers, like Liverpool and India, have been able to get money. Although most of our great in dustries have been reviving, they have been reviving slowly, and no new capital has been required for them. Nor is it likely that the New Year will see any great in ﬂation of prices. There is, of course, always the home market, and general prosperity at home keeps up the prices of all things needed here. But the great days of English inﬂation were days in which we got outsiders to take our goods at high prices in consideration of our lending them the money to pay us with. We still retain almost a monopoly of the carrying trade of the world.
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