L776,000,000 | L23 13 9
1886 | L745,000,000 | L20 13 8
1896 | L652,000,000 | L16 13 2
----------+------------------------------+------------------------

That is to say, that within the past ten years--the years of alleged
depression and blight--we have reduced our national indebtedness by over
90 millions sterling. During the same period it is worth while to point
out that we have expended enormous sums in the almost complete
reconstruction of our navy. Meanwhile Germany--the hated rival--has,
since the war, added as many millions to her debt as we in ten years
have taken from ours.

SOME STAPLE COMMODITIES.

In case the pessimists and the Protectionists should be still
unconvinced by these proofs of national prosperity, let us turn to a new
series of tests, the test of consumption. The great staple commodities
which we will first take (cotton, wool, and coal) are partly required
for manufacturing purposes and subsequent export, and partly for home
use. The word "consumption" covers both uses, and we cannot, except in
the case of wool, readily ascertain to which use the greater effect is
attributable. In the case of wool it so happens, as was previously
pointed out, that our export trade in manufactured goods has declined.
But since the total consumption of raw wool by the United Kingdom has
gone on increasing, it is clear that the decline in woollen exports has
been more than made good by the increased home demand, unless, indeed,
it be imagined that woollen manufacturers go on weaving an endless web
which nobody wears. Nor is that all, for the figures of our import trade
show that in addition we are importing considerable and increasing
quantities of foreign woollen manufactures. So that not only have the
home consumers more than recouped the British woollen manufacturer for
the decline of his export business, but so great is their purchasing
power that they can, at the same time, afford to send abroad for fresh
woollen stuffs to please their fancy. Here are the figures showing the
consumption by the inhabitants and manufacturers of the United Kingdom
of three staple articles referred to:--

CONSUMPTION OF COTTON, WOOL, AND COAL IN THE UNITED KINGDOM.

+-----------------+--------------+--------------+---------------+
| Average of Five | Cotton (Raw) | Wool (Raw) | Coal |
| Years. | Million lbs. | Million lbs. |