Page 441 - clra62_0019-(GIPE)

INDEX 433
COAL-HEWERS tn Durham, wages but nol a correspondingly higb
of, 1871-1884, i_ 185- one. The market for consols an
artificial one, 190-
-- arfd iron industries, loss of Probability of a greater fall (fifteen
~atural advantages as regards, per cent.) in price of firsl-c:la.ss
u-.ns· lecurities mould this country be-
-- -- industries of Uni&d come involved in a great war,
States, and their effects on than was the case in the Franco-
German war (ten per cent_I, 191-
English trade, i. I 16. 192.
COINAGE, worn, influences of, on Requisite conditions of a natural
circulation of money, ii. 162_ market for first-class securities,
193-194-
COLONIES, insufficiency of colonial I. The security itself must be large
defence, without help from Im- enough for many people to lie
perial Government, ii. 252. interested in it, 193.
-- preferential tariffs between 2. There must be a large quantity of
the security relatively to Ihe gen-
United Kingdom and, objec- eral business of the market, 193-
tions to, ii_ 394. 3. The quantitl of the security in
-- small expenditure of, on the hands 0 dealers should be
imperial defence, ii. 375. large, 193.
-- trifling cost of South Mrican The aoove were the conditions of
the market for consols until re-
war to the, ii. II II. cently, but the position is now
COMMODITIES, fall in prices of, in changed, 194-195-
1873-1879, i. 121_ I. The National Debt, though still
COMPETITION, foreign, and de- large, is now almost equalled and
in lOme cases exceeded by debts
pression of trade, i. 423. of other countries, 195-
CONSCRIPTION unnecessary, pro- 2. The proportion of the Debt to
vided the army is better paid, the total securities dealt in, is
much less than formerly, it being
ii. 261. now less than one-tenth, 196-
CON SOLS, present market for, arti- 3. The amounts of the Debt in
ficial and insignificant, ii. 197. hands of the 'public E:reatly di·
Consols;n a gnat war [1899], ii. minished, oWing to Investment
189- 203. of savings bank money in Gov·
ernment Stock, 197-
The question to be discussed is 4- Owing 10 small amount of con-
how fllr the present price 01 COIl- sols in the hands of dealers, the
sols is due to special and trans- market for consols has become
itory causes irrespective of Gov- insignificant, 197-198.
ernment credit, and at what 5. Increase of savings ban ks
price could a large amount of money coincident with the
stock be issued in case of emer- change in relative prices of con·
gency, 189. sols, 198-
The above question can be dis- General leYeI of credit at present
cussed upon two assumptions : time. Probable price of large is·
I_ Thatthere is a great emergency, sues of consols at 26 per cent. in
though not sufficient to Ihreaten case of war, 199,200.
existence of the Empire. Use of a sinking fund not now-a-
2. That the rate of interest before days of much importance. No
Ihe emergency, has not changed present necessity forreducing debt
from Ihe presenl level, apart or accumulating a leSe"C, 201-
from the usual ~Iations be- 203-
tween times of good and had CONSTITUTJON.U, changes neces-
credit, 189, 19o.
Present high price of consols would· sary frorrllrowth of empire, ii.
mean a high rate for new loans, 239-
II. FF