y cases the inferences he draws are so seriously exaggerated as to
amount to a positive misrepresentation of the facts. For the purposes of
this examination we cannot do better than begin with the chapter which
Mr. Williams devotes to chemicals. "The chemical trade," he tells us,
"is the barometer of a nation's prosperity.... The discomforting
significance of the appearance of chemicals in this Black List of mine
will, therefore, be at once apparent." More follows about a "Bottomless
pit for capital," and "Germany seizing the occasion while England has
let hers slide," and so on.

THE ALKALI TRADE.

Thus much for generalities with regard to the chemical trade; now for
details. Let us begin with alkalies, which Mr. Williams selects for
special comment. He says:--

"Here we are confronted with the damning fact that whereas fresh
uses and (owing to the growth of manufactures abroad) fresh
markets for alkali products are continually being found, the
export of the greatest alkali trader of the world was last year
of little more than half its value in the early seventies. Nor
do the latest years show any sign of recuperation. The decline
since 1891 has been continuous.... There is no question here of
an insidious advance. The matter is simply that our trade has
gone to the devil, while the Germans are piling up fortunes."

To the average reader this paragraph would certainly suggest that at
least half our trade in alkali had already disappeared, and that the
remainder would soon be gone to the devil or elsewhere. I have not
verified Mr. Williams's statement with regard to the early seventies,
but it is quite sufficient to point to the course of the trade during
the last fifteen years. Both quantities and values are given in the
following table:--

EXPORTS OF ALKALI FROM THE UNITED KINGDOM.

--------------+----+---+---+---+---+---+---+---+---+---+---+---+---+---+---
|1881|'82|'83|'84|'85|'86|'87|'88|'89|'90|'91|'92|'93|'94|'95
--------------+----+---+---+---+---+---+---+---+---+---+---+---+---+---+---
Quantities-- | | | | | | | | | | | | | | |
million Cwts. | 6.8|6.7|6.9|6.6|6.7|6.2|6.2|6.3|6.0|6.3|6.2|5.9|5.8|6.0|6.2
| | | | | | | | | | | | | | |
Values-- | | | | | | | | | | | | | | |
million L's | 2.1|2.1|2.1|2.1|2.0|1.8|1.7|1.6|1.6|2.1|2.3|2.1|1.9|1.6|1.6
---