A Rectorial Address Delivered to the Students in the University of St Andrews

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1, 15s. 5s. 2d. United States, . 1, 8s. Is. LOd. Germany's position financially is remarkable ; that of Britain in contrast deserves careful attention. That Britain's present population, wealth, or trade in the aggregate are to decline is unlikely ; I believe these may even increase somewhat in the immediate future. Her wealth, climate, geographi- cal position, and resources are superior to those of any country in Europe, some of which, because of these very advantages, are allowed to furnish h...er with products which she herself could produce. They get the crumbs which fall from her more luxurious table. That busy hive, Belgium, for in- stance, sends her articles to the value of twenty- one millions sterling yearly, three millions of this being cloths and yarns ; one and a half millions, iron and steel. Germany is permitted to send one million worth of cloth goods and one million value of butter and eggs. France sends silk and woollen manufactures to the value of eighteen millions sterling; leather goods, one and three-quarter millions.

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