ABSTRACT
Most of the working-class leaders of 1878–80 were basing their immediate hopes for their trades on the Industrial Arbitration and Conciliation advocated by philanthropic manufacturer-Radicals like Mundella. Politically the “Labour” leaders had such things to ask for as the Radicals were very ready to give, Suffrage Extension, Redistribution, Abolition of Electoral Qualifications for Town Councils and Boards of Guardians, Extension of Polling Hours and the like. The depression was not capable of creating Socialism but only of helping Parliamentary Radicalism. Nor could it do that to any marked extent unless the conviction were widely spread that the slump in trade was being aggravated and all chance of recovery being lost owing to international tension being kept high by Beaconsfield’s costly and adventurous Imperialism. Even during the height of the Jingo excitement of the spring of 1878 it had been impossible to ignore sober warnings from “moderate Liberals” that such excitement was prolonging the uncertainty that goes towards paralysing commercial enterprise.
