And yet we are nearing an epoch of no common kind, short indeed in the lives of nations, but longer than the life of man, when we may well pause to take stock. Within six weeks we shall have closed the nineteenth century, and have entered on a new one for better or for worse. It is, of course, only an imaginary division of time, though it seems solemn enough, for we are on a pinnacle of the world's: temple where we can look forward or look back.—Lord Rosebery at Glasgow, November 16th, 1900.

But the question still remained: Are we holding our own? In answering that question we found ourselves confronted by two new factors, the emergency of which was the cardinal point in the history of national trade during the last half century. I refer to the stepping out from the rear to the front ranks of Germany and of the United States of America. So far from enjoying the undisputed hegemony which was so confidently predicted for British trade fifty years ago, there is not now an inch of ground in any one of the international! markets for which we are not fighting with all our available strength.—Mr. Asquith at Leeds, November 23rd, 1900.