Mr. Chamberlain on Thursday made a very encouraging speech at
the Carpenters' Hall. He believes that the time of depression is over, for he finds from the latest returns that "the enormous volume of our trade continues to roll on in ever-increasing and swelling flood." The railway traffic has increased upon that of the March quarter by £562,000; the Revenue, as compared with ten months of the last year, has risen 21 millions, and of that 11 million is due to Excise,—that is, to the capacity of the people to buy luxuries. All articles have slightly risen in price, and the number of projects to be laid before Parliament for investing surplus capital are greater than in any year since 1815, the year of the railway mania. Mr. Chamberlain, in fact, believes that we are at the commence- ment of an era "of great prosperity, of full employment, of fair wages," and of speculation. Unfortunately, a great deal of that bright prospect is dependent upon the action of foreign Powers who may soon deplete the reservoir of capital, now almost overfull.
