At such intervals in the history of trade, commercial failures
break out in England, while, in France, industry itself is stopped,
partly because it is compelled to retreat through the competition of
the English, that, at such times becomes resistless in all markets,
and partly because, as an industry of luxuries, it is affected with
preference by every stoppage of trade. Thus, besides the general
crisis, France experiences her own national crises, which, how-ever,
are determined by and conditioned upon the general state of the world's
market much more than by local French influences. It will not be devoid
of interest to contrast the prejudgment of the French bourgeois with the
judgment of the English bourgeois. One of the largest Liverpool firms
writes in its yearly report of trade for 1851: "Few years have more
completely disappointed the expectations entertained at their beginning
than the year that has just passed; instead of the great prosperity,
that was unanimously looked forward to, it proved itself one of the most
discouraging years during the last quarter of a century.
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