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It should be noted that the entry on the left side of the balance sheet, "Acceptances," refers to bills of exchange which the bank has accepted for merchants and manufacturers who are importing goods and raw material, and have instructed the foreign exporters to draw bills on their bankers.
A quiet, sleepy, German town, in the Province of Westphalia, whose inclosing walls seemed eminently fitted to shut out the spirit of energy and activity with which the world around them was imbued, and whose five gates gave ample ingress and egress to the limited trade of the manufacturers within its limits.
'We stayed a week with them, she says, 'and admired the cultivation of mind and refinement of manners which Mrs. Greg preserved in the midst of a money-making and somewhat unpolished community of merchants and manufacturers. Mr. Greg, too, was most gentlemanly and hospitable, and surrounded by eleven clever and well-conducted children. I thought them the happiest family group I had ever seen.
Ashworth, "are to be found who have done a great deal to ameliorate the condition of those they have employed; and no one will doubt that they have been prompted, not by hopes of gain, but by emotions of goodwill." Manufacturers such as these do not, like Plugson of St. Dolly Undershot, gather up their fortunes and run away, leaving a groat each to their workpeople to drink their healths.
The profits made at this price enabled them to offer the same articles in Switzerland for £6, in Great Britain for £5 3s. and in Italy for £3 15s. Now, as the cost of production in Germany fluctuated between £4 5s. and £4 15s. per ton, it is evident that the dead loss incurred by the German manufacturers on Italian sales varied between 10s. and £1 per ton.
Of course this is comparatively modern, and marks a period since what art Algeria ever knew had died out. It is noticeable, too, how poor the native manufacturers are compared with those of Morocco, themselves of small account beside those of the East.
The ingenuity and skill of American mechanics have been demonstrated at home and abroad in a manner most flattering to their pride. But for the extraordinary genius and ability of our mechanics, the achievements of our agriculturists, manufacturers, and transporters throughout the country would have been impossible of attainment. The progress of the miner has also been great.
Public opinion in France, which, unless held in by an intelligent monarch, has always swung towards protection or prohibition, welcomed that vigorous measure; and great was the outcry of manufacturers when it was rumoured in 1802 that Napoleon was about to make a commercial treaty with the national enemy.
Rigby, a little excited, and then he added, 'Is that a son of Lady Albinia Millbank? 'No; his mother is not a Lady Albinia, but he is a great friend of mine. His father is a Lancashire manufacturer. 'By no means, exclaimed Mr. Rigby, quite agitated. 'There is nothing in the world that Lord Monmouth dislikes so much as Manchester manufacturers, and particularly if they bear the name of Millbank.
It must be extensively continued as the source of the Government's income; and in a readjustment of our tariff the interests of American labor engaged in manufacture should be carefully considered, as well as the preservation of our manufacturers.
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