Oil the Crises of iSj/, 184J, and 18 ^j 13 



It will be noticed that all occupations given in the table except 

 fishing and agriculture gained. Agriculture is the only occupa- 

 tion suffering an actual loss. 



A general expansion is clearly indicated by the large trade 

 movements. From 1848 to 1856 the value of English exports 

 increased from £58,850,000 to £115,890,000, although the perma- 

 nent surplus of imports begins at about the latter date.^ That 

 cotton figured largely in the trade expansion is shown by the 

 accompanying statistics on cotton imports and exports :- 



Value cf cotton yarn and maniifac- 



Razv cotton imported tures of all descriptions exporied 



1S40 592.000,000 lbs. 1830 £19,428,000 



1850 685,000,000 lbs. 1850 £28,257,401 



1860 1,390,938,752 lbs. 1860 £52,912.380 



1870 1,338,365,584 lbs. 1870 £71,410,131 



ISSO 1,628,664,570 lbs. 1880 ; . .£75,564,887 



1885 1,425,816,336 lbs. 1885 £70,796,885 



It will readily be observed that the decade 1850-60 is the period 

 of most marked advance in the cotton trade. Incidentally it may 

 be of interest to note that in i860, of the 1,390,938,752 pounds 

 imported into England, the United States supplied no less than 

 1,115,890,608 pounds.* 



The English crisis has been characterized by some writers as a 

 monetary panic, but, whatever be the technical term applicable, 

 it is quite obvious that this crisis differs radically from that of 

 1847. This time a disproportion of investment in one -or a few 

 branches of industry seems not to have been the trouble. The 

 permanent cause of disturbance seems rather to have been a -dis- 

 proportion between the total amounts of fixed and circulating 

 capital. There was too much capital tied up in permanent invest- 

 ments. 



It was now the turn of the United States to have a railway 

 crisis. As a result of the escape from a crisis in 1847, ^ great 

 ac'cumulation of capital had been taking place. Added to this, 



^ Mojithly Siunmary of Commerce and Finance, February, 1903. 

 nVard, The Reign of Queen Victoria, 11,158. 

 ^Ibid., 193. 



155 



