then the Continental nations have occupied themselves in keeping up an armed peace at an expense almost equal to that of actual warfare. All their conflicts have arrested their industrial development, to their own detriment but to England’s great advantage. Not content however with that, they increase their difficulties by a dogged protectionism. As a result, they are far poorer in general wealth than our own land, and only succeed in competing with us by means of underpaid and overworked labour. But the labourer will not {218} always consent to be overworked and underpaid, and signs are not wanting that his discontent is fast ripening into something more dangerous. [62. See note 17, p. 250.] § 7. PRESENT DIFFICULTIES. COMMERCIAL DEPRESSIONS--But although English commerce has reached a height of prosperity considerably above that of other nations, it has not been and is not now without serious occasional difficulties. It has been throughout the century visited at more or less periodic intervals by severe commercial crises. In the earlier portion of the century they occurred in the years 1803, –10, –15, –18, –25, and –36; and were short, sharp, and severe. Since 1837 they have occurred at regular periods of about ten years, namely in 1847, –57, –66, –73, and –82; latterly depression has been most persistent, though with short cessations for special industries. In the last year or two, however, trade has again revived, and on the whole we may now (1896) be said to be enjoying a fair measure of prosperity.