We have listened for sometime.to loud and continuous jubilations on the subject of our commercial prosperity. The admirable but often misused watchwords of the dominant party in Eng: land, "Peace and Progress," have been so persistently repeated that we cannot choose but be influenced by them; and as we have always been assured that Pence and Progress are the accompaniments of a large and substantial commercial prosperity, our position has seemed highly satisfactory. Now we are not about to show that this is altogether a fictitious belief. We are not quite in the condition of Hans Christian Andersen's king who, when complimented by all the courtiers in the realm on the superb richness of his royal robe, was actually as naked as when he came into the world, No task distasteful as this awaits us, but still it seems to be proved that there has been some exaggeration in our estimate of the existing state of affairs, A recent writer in the Economist has called our attention to the revelations of the Board of Trade Returns for June. It seems to be clear that we are in the midst of a declining Foreign trade. This impression seems to have arisen first in May last, but the June Returns put the unpalatable fact beyond the possibility of a peradventure. We cannot deny that the quantities of raw material imported and the quantities of manufactured articles exported, were both diminishing. Hitherto the foreign trade of Great Britain has been steadily growing; now, we discover by the best of all signs that it is lessening. Special attention is called to the decline in the exports of iron and steel, but we may explain this by the fact that lately nearly all the continental countries have been engaged in increasing their armaments, and that now there is a lull in these operations. In connection with the present condition of affairs, we may quote some remarks by the Chairman of the National Discount Company. It appears that this Company is obliged to put aside a far larger sum than usual for bad debts, the estimate of bad debts for the past half-year having been for the first time in the history of the Company erroneous." The Chairman is too cautious to hazard a prophecy, but it does not require a seer to discover that the present state of commercial business is not profitable. Several past years have been satisfac tory, and we could afford to look at the National Balance Sheet prepared by the Board of Trade with a feeling of pride and self congratulation. Sentimentalists might repeat the first Napoleon's sneer and call us a nation of shopkeepers, but we could reply that the shop drove a thriving trade and we were "proud of it. In 1869 the tota] imports from Foreign countries and British possessions amounted to over two hundred and ninety-five millions, and the exports amounted to two hundred and thirty-seven millions. In 1870 the imports amounted to over three hundred millions, and the exports to more than two hundred and forty-four million pounds sterling. We cannot anticipate that this prosperous state of affairs will continue. As far as one can discern the face of the sky, the prospect is dark and lowering. We do not conceive that a panic is at hand. There is periodicity in such events, and it is not quite time for a recurrence of the direst of commercial visitations, but there is abundant reason for care and vigilance in the mercantile world. It
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