At the same time that, in France, the
factories were being closed, commercial failures broke out in England.
While the industrial panic reached its height during April and May in
France, in England the commercial panic reached its height in April and
May. The same as the French, the English woolen industries suffered,
and, as the French, so did the English silk manufacture. Though the
English cotton factories went on working, it, nevertheless, was not with
the same old profit of 1849 and 1850. The only difference was this: that
in France, the crisis was an industrial, in England it was a commercial
one; that while in France the factories stood still, they spread
themselves in England, but under less favorable circumstances than
they had done the years just previous; that, in France, the export, in
England, the import trade suffered the heaviest blows. The common cause,
which, as a matter of fact, is not to be looked for with-in the bounds
of the French political horizon, was obvious. The years 1849 and 1850
were years of the greatest material prosperity, and of an overproduction
that did not manifest itself until 1851.
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