The rise in the rate of the Bank of England from four to five per cent. will not be to the advantage of trade, though it will hardly, exercise the prejudicial effect which some pessimists imagine, Evidently there are pessimists, because I notice that Mr. George Harvey, who used to be American Minister in London, has been writing in the most gloomy frame of mind in the North American Review" on Great Britain's position. T ought to quote his extract, because you may hear of il, It is as follows:
Her sole Toncion heneee cane Bane ese. than He adds that the British National Debt is "a burden thrice as heavy as that of France or Germany, and twice as much as that of the United States"—and declares that it will place Great Britain at a great disadvantage in commercial rivalry, Her virtual monopoly of ste! has ceased, he says, coal-mining is being Kept from collapse only by subsidy, her shipbuilding yards are being closed, and her agriculture is on the decline. Mr. Harvey goes on be praise the efforts made by Great Britain to maintain standards of national integrity in assuming her vast obligations "Our iret duty, De coe rabat ccantry which has shed Ettangle'Saxens, our people 5 he raced Mu to
no les than bey ae deservedly and urmistekably proemment in financial
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