ABSTRACT
GnEA'f B ln'f,UN had thus entered upon that series of tratlc depressions and trade inflations, of confident adventure and utter hopelessne.~s. of "boom" and crisis, which have continued to our own day. It was during these first thirty years of the century that England fully confirmed and extended the position which she had gained during the great war. 'l.'he first-fruits of all the great inventions fell to he1· lot, and the fact that these great inventions were brought to bear pra.ctically at almost the same time, in many different branches of industry, had a cumulative effect A complete transformation was being carried out. An agricultural country, with a proportionate amount of native manufactures and a considerable commerce was being turned into the workshop of the world, and the sea-carrytng trade, owing to geographical position as well as naval victories, fell more and mot·e into English hands.
