of London lies in the
enormous wealth of Britain. For now almost half a century Britain has
been importing far more than she has been exporting, and the total
volume of her import and export trade is more than quadruple what it
was in 1850. The consequence is that not only has Britain been
accumulating wealth, but she has been accumulating it enormously. Her
accumulated savings, therefore, have been at the world's disposal, and
she has had so much money to invest that she has become the creditor
nation of the world. The total investments of British capital in
foreign countries (in loans, railways, manufacturing syndicates, etc.)
is estimated to be the enormous sum of over $10,500,000,000. London,
of course, is the investing, controlling, and supervising
counting-house for all this capital. And as so much British capital
finds in London its place of investment, it naturally follows that
nearly all the remaining unemployed capital of the world, that seeks
investment, either is sent to London as a market, or else assumes a
price for investment elsewhere which the current price of capital in
London warrants it to assume. The London market rate of capital,
therefore, determines its market rate in every other commercial centre
of the world.

GREAT BRITAIN A BEEHIVE OF MERCANTILE AND MANUFACTURING INDUSTRY

Britain like all other civilised countries, was originally an
agricultural country. Although for some centuries she has been one of
the chief manufacturing and mercantile countries of the world, it has
been only during the past one hundred years, and especially during
the past fifty years, that her development in manufactures and in
commerce has been remarkable. Britain is still, in respect of quality,
the foremost agricultural country on the globe. Her breeds of horses,
cattle, sheep, and swine are the standard breeds from which almost all
other breeds derive their origin, and by which from time to time they
are improved. And nowhere is the raising of grains and roots for food
of man and beast pursued with more skill and success than in Britain.
But agriculture is fast ceasing to be an important industry of
Britain. Two million acres less are under cultivation now than were
cultivated fifty years ago. The total amount of wheat raised is
sufficient only for three months' consumption of the people; the
remaining quantity needed must be supplied by importation. Three
fifths of the total population of the island live in town