Commercial Crises of the Nineteenth Century
by Henry Mayers Hyndman (9781458821584)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPTER III. THE CRISIS OF 1836-1839. Great Britain had thus entered upon that series of trade depressions and trade inflations, of confident adventure and utter hopelessness. of "boom" and crisis, which have continued to our own day. It was during these first thirty years of the century that England fully confirmed and extended the position which she had gained during the great war. The first-fruits of all the great inventions fell to her lot, and the fact that these great inventions were brought to bear practically at almost the same time, in many different branches of industry, had a cumulative effect. A complete transformation was being carried out. An agricultural country, with a proportionate amount of native manufactures and a considerable commerce, was being turned into the workshop of the world, and the sea-carrying trade, owing to geographical position as well as naval victories, fell more and more into English hands. At this period, also, for the first time since the downfall of the monasteries and the neglect to maintain the public roads which ensued thereupon, the internal communications of the island began to receive the attention which they deserved. This was a matter of pressing necessity. It was impossible to transportlarge quantities of manufactured goods to the seaports at a profit over such roads as those which led from one town in Lancashire and Yorkshire to another at the commencement of the development of the great machine industries. The cotton, wool, silk, and linen manufactures, carried on as they now were by steam- power, required great quantities of coal delivered at the mills at a cheap price; and the iron industry, which had received a tremendous impetus from many quarters, required still more coal and ores delivered at low rates in order to ...

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