The Economic Merry-Go-Round (RLE: Business Cycles) by Walker Edmund;

Author:Walker, Edmund; [Walker, Edmund A.H.]
Language: eng
Format: epub
Publisher: Taylor & Francis Group
Published: 2022-08-15T00:00:00+00:00

‡ Russia was at war at this time with Turkey, and the British Fleet sailed through the Dardanelles to Constantinople. England was neutral, but it looked as if we might be drawn in at any time.

1881.—As a result of the general election of 1880, Mr. Gladstone was recalled to form a ministry, and took upon himself the duties of Chancellor of the Exchequer.

There was a first budget surplus for four years—£933,000. As to figures, this year shows the second highest total for the century (1880 was just three millions better). Wheat prices become stabilised at a lower figure during this decade.

1888.—This period is commonly referred to in all text books as the “Period of the Great Depression.” While it is true that figures for this year do show a very small improvement on the previous year, nevertheless, no substantial advance had been made since the ’70’s, despite the fact that there had been a considerable increase in the population. The Board of Trade index numbers show a fall of 42 points as compared with 1873 (88 to 153; 1900 = 100). There were two serious strikes (Lancashire Coal Strike, and strike of dockers in London) which were a great hindrance to trade. At the same time there seemed a glut of funds, with apparently no available employment for them, owing to quietness of trade. Mr. Goschen, now Chancellor of the Exchequer, was able to fund the national debt, reducing the interest from 3% to 2%*. Unfortunately for big holders, the ensuing loss was not immediately set-off by a reduction of income tax.

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