The

Scottish systems, of a majority and a minority report. Commissioners were similarly divided as to all three countries, except that Dr. Downes, one of the signatories of the other majority reports, declined to sign either Irish report, on the plea of insufficient knowledge, while the two Irish Commissioners, the (Roman Catholic) Bishop (Kelly) of Ross and Sir Henry Robinson, offered caustic criticism of the minority report, holding that the proposed paid officials might control the authorities who appointed them. The majority generally endorsed the findings of a recent Viceregal Commission; they proposed to abolish the existing Boards of Guardians and the general workhouses and to establish County and County Borough Public Assistance Authorities and Committees, as in England (p. 9); to set up County medical officers of health, and to maintain the existing dispensary services, putting them under the control of the new authorities; but they discountenanced the establishment of a State medical service or the admission of small holders to poor relief, as had been recommended by the Viceregal Commission. They also condemned the Unemployed Workmen Act as unsuitable to Ireland; a Sub-Commissioner, Mr. Cyril Jackson, had conducted this part of the investigation. The minority report was on the same lines as that for England. It condemned the majority report as the outcome of a hasty visit to Ireland; but, as the Irish Commissioners pointed out, only one member of the minority had accompanied them.

The annual report of the Registrar-General for Ireland on the marriages, births and deaths in the island during 1908 showed a slight increase in the marriage and birth rates, and a slight decrease in the death rate. Only 25 per cent. of the births were illegitimate, the percentage varying from 34 in Ulster to 0.7 in Connaught. In Ulster also the death rate was highest (181 per 1,000); the average for the year was 178. The emigration statistics for 1908 gave a total (of natives of Ireland leaving Irish ports) of 23,295, the lowest on record, representing a rate of 53 per 1,000 of population. Of these 724 per cent. went to the United States, 124 per cent. to Great Britain, and 10.8 per cent. to Canada.

A Blue-Book (Cd. 4849) was issued in September containing the Report of the Estates Commissioners for 1908-9 and also covering the period from November 1, 1903, to March 31, 1909. In this period 212,314 purchase agreements had been lodged relating to 7,963 estates. Of the total purchase money the cash payment proposed was 337,7581., and the balance, representing the advances applied for to the Commission, was 72,008,3201. The total applications for advances to evicted tenants for purchase of holdings under Section 2 (1, d) of the Irish Land Act, 1903, to March 31, 1909, was 11,276. Of these 5,453 were rejected; 1,451 had been reinstated, provided with other holdings by landlords, with the aid where necessary of grants from the Commission, and 712 by the Commission directly; many of the

rest were awaiting inquiry until the estates concerned were dealt with, as they had been received since the date specified in the Evicted Tenants Act, 1907. In all, an expenditure of 175,8061. 7s. 10d. had been authorised in connection with the reinstatement, of which 144,4881. 7s. 10d. was by way of free grant. But the evicted tenants had often refused new holdings, expecting to be restored to their own, while the people of the localities in which untenanted land had been acquired considered that they, and not strangers, had first right to it; and these difficulties tended to increase.

The Irish National Theatre Society had a season of about three weeks in London in June, performing chiefly plays by the late J. M. Synge, Lady Gregory and Mr. W. B. Yeats. Mr. Bernard Shaw's "Blanco Posnet," which had been prohibited in London by the censor, on the ground that the language of the leading character was blasphemous, was produced by the society in Dublin, after an effort to stop it by the Lord-Lieutenant; but the text had been so modified that it caused no disturbance. A successful "pageant of Irish industries," promoted by Lady Aberdeen, was held on St. Patrick's Eve in Dublin.

The development of Irish tourist traffic was promoted by improved services and booking arrangements. A change in Atlantic traffic, possibly to the ultimate disadvantage of Ireland, was inaugurated in August, when the Cunard liners from New York began to call at Fishguard after leaving Queenstown. The best runs of the great Cunarders were: Lusitania, short track westward, September, 4 days, 11 hrs. 42 min.; eastward, 4 days, 15 hrs. 52 min.; long track westward, August, 4 days, 16 hrs. 40 min.; eastward, 4 days, 21 hrs. 31 min. Mauretania, short track westward, September, 4 days, 10 hrs. 51 min.; eastward, 4 days, 13 hrs. 41 min.; long track westward, July, 4 days, 15 hrs. 55 min.; eastward, August, 4 days, 17 hrs. 20 min. The best average speeds were respectively 25.85 and 26:06 knots, the best day's runs 655 and 673 knots.

In trade and industry some marked improvements were recorded, and the prospect was generally improving as the year closed. The shipbuilding output of Belfast was 118,660 tons, or about 40,000 tons below the record year 1908; but Messrs. Workman, Clark and Co. stood first in the world for the year by their output of 88,952 tons, including two Orient steamships, each of 14,400 tons, seven "fruiters," of 5,000 tons each, for the Glasgow banana trade, and other liners; and Messrs. Harland and Wolff had concentrated their resources on the new White Star leviathans, the Olympic and Titanic, of 45,000 tons each, which would be afloat in 1910 and 1911. Four small steamers were launched at Dublin. The engineering trade, apart from the marine section, was generally dull, though certain special departments prospered. In linens there was a great improvement, and the outlook was encouraging; in the white linen department the year as a whole was satisfactory.

So also was the state of rope-making and twine-spinning, which was mainly in the hands of one great concern. Tobacco and whisky suffered greatly from the Budget; the building trade was depressed. At the end of the year a Departmental Committee was appointed to inquire into the causes in the decline of the production of Irish flax. The total area of corn and green crops, including flax and fruit, in the year was 2,304,194 acres, a decrease-mainly in Ulster-of 11 per cent. on 1908. There was a decrease in flax and oats, and also in cattle, horses and pigs. The harvest was described by the Times as short and inexpensive, and satisfactory.

SUPPLEMENTARY CHAPTER.

FINANCE AND TRADE IN 1909.

ALL the leading agricultural and industrial countries had very much the same story to tell of the trend of trade in 1909. The tale was one of depressed industries in the first six months and awakened activities in the second half of the year, so that economists who wished to add fuel to the burning question of fiscal policy, which broke out afresh at the end of the year, were faced with the problem of trying to prove to what an extent the depression was lessened or aggravated, and the recovery assisted or retarded by the tariff policy of each country. It must be confessed that it is difficult to separate from among other influences the precise effect of tariffs on national prosperity, but the effect is certainly more tangible than that of politics. In this country we were saturated with politics in 1909, and it was freely said by responsible observers that much. wild platform talk had the direct effect of driving capital out of the country to the injury of home trade and the benefit of foreign enterprise. This statement was answered by the argument, which, of course, is unassailable, that the investment of capital in foreign securities may be regarded as a sign of national wealth and that such investments, while yielding good rates of interest, directly encourage the exportation of British manufactures. On the one hand there is the certainty that for two or three years past foreign investments on their own merits have been gaining in popularity with investors in this country, and on the other side the equal certainty that this fashion was very much fostered by the introduction of the Budget of 1909 and the subsequent explanations of its principles. Past-time investors in British securities would derive little satisfaction from attempting the impossible task of apportioning the amount of depreciation due to each cause. Whether or not trade was restricted during a large part of the year by hesitation caused by disturbing politics it is a fact that exports, following the lead of imports, began to swell substantially in the autumn, and that

when the end of the year came, in most industries, dulness had quite given place to the cheerful hum of active business.

It is necessary to make this reservation and say that the depression which enveloped "most" of the industries of the country in 1909 appeared to be lifting at the end of the year, for at least one important industry-cotton-showed little sign of recovery. The cotton trade started the year handicapped by overstocked markets, and it was hampered later by sharp advances in the prices of raw material, due partly to the prospect of a short American crop and a smaller output than was expected from Egypt, which amounted to over 34d. per pound in American middling and over 54d. in Egyptian. In July, English spinners decided to work short time, and in this effort to clear the air they were well backed by spinners on the Continent and in the United States. A great part of the severe trouble of the trade was caused by the reckless policy of adding largely to the number of mills in the previous prosperous era which, of course, in its turn, is accounted for by the desire of manufacturers to employ their capital under their own supervision. This tendency of investors to sink money where it may fructify under the warmth of their own brains also explains the large amount of surplus tonnage from which the shipping trade has been suffering acutely for some years. In times of good trade shipowners are incited to build because freights are attractive, and in periods of depression such as in 1908, and part of 1909, they are tempted by cheap material, and by hungry builders, who are much more accommodating regarding finance when their yards are empty. Still, in spite of the widely uttered complaint of excess tonnage, owners did better last year than in 1908, and in the later months they began to prove their faith in the expected revival of trade by placing orders for new boats. These orders, however, did not come in time to make the year a good one for shipbuilders. Apart from a well-justified stiffening of insurance rates, which means a comparatively insignificant addition to the cost of running steamers, owners were affected by a succession of threatened disturbances in the coal trade, the principal of the three disputes arising out of the interpretation of the Mines (Eight Hours) Act, and in two cases the crises were sharp enough to threaten a general stoppage of work (pp. 154, 180), while at the end of the year further serious difficulty was foreshadowed in the negotiations for the renewal of the wages agreement in South Wales at the end of March. The Mines (Eight Hours) Act came into operation in the majority of the fields on July 1, but its inauguration in the Durham and Northumberland fields was deferred until January 1. During the short time the Act has been in existence it has aroused much powerful opposition, one of the charges levelled against the measure being that it was directly responsible for a large decrease in the volume of exports from South Wales during the latter half of the year and, evidently, the last has not been heard

of its effects. Ironmasters and steel makers did only moderately well, though, with a better demand, Cleveland pig-iron closed 2s. higher at 51s. 14d. Of the two speculative metals, copper and tin, the former closed 31. lower at 617. 15s., and the latter ended the year 201. higher at 151l. 10s. To the prevailing drab the tone of the wool industry was a striking exception, for dealers handled increased supplies and secured much higher prices, especially for fine wools, so that growers were compensated to some extent for their disastrous experience in 1908.

Compared with the figures for the previous twelve months the returns of foreign trade show the improvement which set in during the year. Imports were higher by 31,787,0301. at 624,740,517., or an increase of 53 per cent.; exports of the produce and manufactures of the United Kingdom advanced by 1,275,6201., or 0.3 per cent., to 378,379,4441., and the re-exports of foreign and colonial merchandise were greater by 11,767,9761. or 14.7 per cent., at 91,391,6737. More than a half or 16,698,0301. of the total increased value of imports was due to raw materials and articles mainly unmanufactured, while the effect of these increased imports on our exports of articles wholly or mainly unmanufactured to the end of the year was an increase in value of only 348,3961. Imports of bullion and specie were greater by 10,034,515l., or 17.7 per cent. at 66,506,7181., and exports declined by 3,218,2691. or 5 per cent. at 60,034,718/.

There was no real stringency in the money market in 1909. At the opening of the year the Bank rate stood at 2 per cent.; it was raised to 3 per cent. on January 14 and was lowered to 2 per cent. on April 1. The next advances imposed to meet the effect of foreign, and especially American, demands, were to 3 per cent. on October 7, to 4 per cent. a week later, and to 5 per cent. on the following Thursday. Finally, on December 9, the rate was reduced to 4 per cent. Though the course of business was thus comparatively uneventful, bankers have reason to remember the year for the important amalgamations that were effected, of which the prime feature was the wedding of big London and provincial connections. The London and Westminster, the first London joint-stock bank to be created, amalgamated with the London and County; the London Joint Stock combined with the York City and County; Parr's absorbed Stuckey's; and the London City and Midland took over the Bradford Banking Company.

This tendency towards consolidation has also been at work among insurance offices. In January the transfer of the British and Foreign Marine to the Royal was completed, in the summer the Law Union and Crown, a general office, absorbed the Rock Life, and in the autumn the Phoenix, a progressive composite company, acquired the business of the Law Life Society. Registrations of companies were numerous; most of them were established as small non-tariff fire offices, but some of the new companies are prepared to undertake most classes of in