busy street, called Lord Street, towards the river. Coming to a large building, he passed through into a quadrangle, and pointed out, on the opposite side, the Exchange Building, where the cotton brokers meet.

"The newsroom in this building," Mr. French said, "is large and very handsome."

Noticing men standing about the quadrangle in groups. and very earnestly talking, George asked Mr. French what it

meant.

"They are probably cotton brokers buying and selling cotton and cotton margins' in the street, on the 'flags,' rather than under cover.

"We will go now to another busy place in this busy city."

"Where is that?"

"At Pier Head, opposite the landing-stage."

Reaching this centre by a short walk from the Exchange Building, Mr. French pointed out to the children some of the great enclosed docks, and this unusual arrangement of a landing-stage, both made necessary because the tide here rises and falls about fifteen feet.

They were now standing near the floating bridge which leads to the landing-stage. On their right was Princes' Dock, on the left George's Dock, back of them a great broad thoroughfare leading by most of the docks, and connecting with important streets."

"This landing-stage," said Mr. French, "is built upon pontoons, like a floating bridge. Pontoons and stage both rise and fall with the tide. It is used by the steam ferries, by the coastwise steamers, and from one end passengers embark on board the great ocean steamships."

Walking up the broad street a little distance, they saw a crowd on the landing-stage,1 and the Lucania of the Cunard

1 See p. 241.

line, with steam up, taking on some freight and many passengers.

Nellie almost wished that she were going home on that steamer, but the other children were not yet ready to return. Hailing a cab, Mr. French told Fred he could sit with the driver, and the others found room inside, and in time were driven back to the Great Western.

In the evening Mr. Cartmell asked the children what they

had seen.

"We saw St. George's Square."

"And the Town Hall."

"And some of the docks."

"I saw a Cunarder starting for New York."

"George," said Miss Gray, " for what is Liverpool noted ?" "For its commerce."

"Is there any city in the world whose commerce excels Liverpool's?"

"I think not."

"You are mistaken, my dear boy. There is another one very near here."

"What, London?"

"Yes; London still leads as the greatest commercial city in the world. These two cities have two and two-thirds as much commerce as our great seaport, New York. Both Liv erpool and Manchester have grown through the development of the cotton industry. Woollen manufacturing in England has also helped to build up this city. Liverpool imports a vast amount of raw material from the United States and from the English colonies. She sends out in return to these places manufactures of cotton, wool, and iron.

"If you children will look on a globe, or on a commercial map of the world, you will notice that Liverpool and England are very centrally situated in reference to the great land masses of the world. This favorable situation, and the enter prise and foresight of its noble men and merchants, have made Great Britain the greatest commercial and industrial nation on the face of the earth. It has been till lately the richest. It is now exceeded only by the United States."

"London," added Mr. French, "keeps a little ahead of Liverpool in commerce, because she is herself so large, and needs so much to support her own population. She has greater commercial advantages also, because the Thames can be ascended so far into the interior of the country by large ocean steamers, and because her position is nearer to the Continent, and to trade through the Suez Canal, or round the Cape of Good Hope."

"Great Britain with her colonies," continued Mr. Cartmell, "owns to-day half the merchant service of the world. There is hardly a nation that does not employ her ships for the transport of their goods. She has just twice as many sailingvessels and steamships as the United States."

The next day the Cartmells took a ride on the overhead