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Leader (1850-1860), 6th November 1858, Edition 2 of 2, Page 26, GENERAL TRADE REPORT. London, Friday Eve...

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      1202 The Lea-Deb. [No. 450, November 6, ...

      1202 THE LEA-DEB . [ No . 450 , November 6 , 1858 .

      Mercantile And Commercial

      MERCANTILE AND COMMERCIAL .

      Employment For Surplus Capital. The Surp...

      EMPLOYMENT FOR SURPLUS CAPITAL . The surplus capital in the different banks of the commercial world to which we referred last week is not the result of the labour of anyone nation . Bullion is procured in . many countries , and the use of it is common in all . We must not , accordingly , confine our view to our own or to any one country as the exclusive sphere in which it maybe employed . Nor must we limit the employment exclusively to any class of occupations . At present the foreign tonnage entering and leaving our ports is almost as ereat as the tonnage of our own

      shipping . Nearly half our trade is carried on by foreign bottoms . Oar own shipping has increased wonderfully since the navigation laws were repealed , and the shipping of all other countries has increased in an equal , or even greater , proportion . Being the movable or carrying capital of nations , shipping is the most easily lent or transferred of all implements , and extremely useful to borrow . Hence the shipping of one nation continually carries the goods ot another . So , after we had acquired great skill in making railways , and had much capital ready for such work which could not

      be employed at home , we lent it in large masses abroad , and contributed to form railways in all parts of the commercial world . According to the report on railways made by the Board of Trade , there was in June of the present year 24 , 592 miles open in Europe , of which 9019 miles were in our country , and 15 , 573 miles in the other parts of Europe . Of the latter a large proportion has only lately come into use . In Germany , for example—including Austria and Prussia—at the end of 1855 , the number of miles open was 5414 ; in June , 1858 ) it was 756 Q . In France the number of miles open at the endof 1854 was 8913 , in Junei T 86-8 , 4509 . In Sardinia , at the end of 1855 ,

      the number of miles open was 234 , in June , 1858 , 390 . In Tuscany the number of miles open at the end of 1856 was 132 , and in June , 1858 , 150 . To the formation of all these roads English labour , skill , and capital have contributed . Their effects in promoting the prosperity of Europe and adding to our own wealth , are as yet only very partially and incompletely developed . By them the grain , flour , and fruit of France , and the minerals and wool of Germany , have been brought more and in larger quantities "to the seaboards of these countries ; mdreof our coals and iron have been by them carried further inland , and our own trade , as well as the trade of other countries , has been promoted by the loan of our capital . We should have made less progress than we have made had we not by this means contributed to the

      improvement of other countries . The poorest of nations have nothing to sell , and only rich nations can buy of others . Whatever may be the jealousy or animosity of individuals , one nation can only prosper , according to the order of nature , by-others prospering . Because England has preceded other nations in a number of branches dr industry , her capitalists must now look abroad quite as much as at home to find out where surplus capital may be most judiciously employed . Bearing in mind tliese leading -foots , , lot the reader consider the following description , 'which , if somewhat-exaggerated , is , we believe , in ithemauytruvof the present condition of agriculture in Eranoo , and ia not far out as a representation 'df the condition 'Of agriculture in a great part df Europe-:

      —A gentleman ( says the I aris correspondent of the Times ) whose official connexion with agricultural improvements in Ireland entitles Hia opinion to respect , haB lately matte a tour in Trance with the view or ascertaining the teal cause oF 'the depression of agriculture , and the destitution of the labouring classes . He states that it was sad 'to see the . misafjilication oFtlme and labour in many places , and the way 'in Which the resources of so fine a country were . neglected or abused .

      which probably does half the work , and which certainly gets all the beating ; cattle not half-fed either in winter or summer ; poor milch cows and bony-looking oxen creeping along on the dry , hard road with waggon-loads of sand or timber , not half what a single Scotch cart would carry ; pigs as they probably were in the daj-s of Dagobert , long-legged , big-eared , with bodies flat as pancakes , every point about them turned the wrong way . curved backs that might serve as a model for the

      arch of a bridge , noses that would do as good worlc , if properly directed , as half the ploughs in the country , and , on the whole , the animals looking as if they -were quite sick of the world . The sheep , too , would be regarded with pity by any one who ever saw a Hock of Leicestei 3 ruminating in a clover-field—wiry , weedy , unhealthy-looking things , with tails that crack like a whip , bones that look" as if they were already picked , and hoppipg about on the roadside in search of a stray mouthful .

      According to the views of my informant , the efforts lately made by the French Government to improve the breeds of cattle in France and encourage improved husbandry in the provinces , have been of little benefit , s : > far as he could judge . The introduction of coatlycattle for breed and cumbrous-implements for work has failed to pro d uce the anticipated results ; for the fact is , the people were not yet prepared for their use , or in , a position to turn them to account . For what can meu du Who are tied up by prejudices or absurd customs , and always looking to Government to help them ? He

      noticed the want of- cordiality and union between tlic three classes—the proprietor , the farmer or occupier , and the labourer—which must impede substantial improvements . Except on the banks of some large rivers , he saw few country gentlemen ' s dwelling-houses—little beyond detached villages and small plots of grouiul , scattered here and there , and marked by all the vice of the subdivision system . JTe pronounces it impossiWe for these struggling occupiers to till their patches of land with advantage , or derive any benefit from modem improvements .

      Through the greater part of Europe the condition of agr iculture requires to be improved . That it should be improved is a matter of iirst necessity . Manufacturing and commercial enterprise has everywhere been roused into activity . In England there is now no great advance in the price of ngticultural produce , but a large advance has on t lie whole in late years taken place throughout the Continent , and if it do not suffice to stimulate the exertions of the agriculturists , or if they be so bound that they cannot readily increase their produce , a very considerable and inconvenient rise will Boon ensue , in the price of it checking all progress aud all prosperity . We see no way by which English

      capital aud skill could tend directly to improve agriculture in France ; nevertheless , this is an object ia which all Europe is interested . Taking a long series of years , it is found that France imports as muck grain as she exports , and every seven or ten years her people suffer Irom want of food . Every revolution m that country , including the first , had its origin in the distress of the Frcnoh , and no 3 urer means could be found to guard against violent revolutions than to make them continually prosperous . Napoleon is much more indebted to the gold discoveries , to the great stimulus they have given to trade , to the extension of railways , and to a succession of good harvests , for the quietness of the people mid

      and whatever facilitates its progress , such as an cx - tension of railways and ¦ telegraphs , an increase of manufactures , or an improvement of agricultu re cannot fail to contribute to the grow'tlT and prosperity of England . The very worst-devised undertaking not a regular and predetermined fraud to obtain wealth by any kind of industry , is , ia a cosmopolitan point of i

      vew , better deserving the support of capitalists than such Governments as those of the petty republics in America , which scein to borrow moneyonlyto carry on predatory warfare . The interest on the loan toTurkey may be quite secure , but except as it mav be cmployed in restoring the currency to a sound condition , it will no more yield a revenue to pay the interest than if it were thrown into the sea . ' Wasted on I he Harem , or tlie Pasha ? , it mav contribute to

      their personal gratification * but will be less reproductive than the wildest -mining speculation . Almost every other employment of capital than that of fostering war or contributing to rogal or ministerial waste , pays large bodies of labourers , and much of it is reproduced with a profit . This is the case even of that portion of the capital einploved in war which pays the peaceful manufacturers aud providers of tlie instruments and clothing and food consumed in war . The employment of capital , however , which tends continually to reproduction with a large profit is most beneficial to society , and ultimately secures the largest reward to capitalists ; though some of them may gain move temporarily by supplying tile waste of war and regal extravagance . We sec therefore with no . ilb < atisfar ? -tion that some

      of the 'first demands on surplus capital ' arc spniiiiingup abroad to construct railways or io promote mercantile arid manufacturing . enterprises . ' Already iu October , the Bank , of Trance had begun to part with a considerable amount oE the bullion / in its vaults . According to the latest statements it continues to part with it . A larger demand was made on it for discount—25 , 000 , 6001 V . on Thursday weekthan on any day for ninny weeks . Trade is improving iu France , " and the railways are recovering . Bullion has also been leaving tlic Bank of England , and whoever may in the first' instance lend the capital itwill

      for industrious undertakings on thcContiucut , be sure to flow into such as promise to be successful , and operate as effectually on the- market for capital here as if it were directly advanced by the bunkers of London . In fact , in consequence of tlic dcmaiid abroad for capital , gold is leaving the Hank of England , and our public securities are declining in price . As communication has become-quick and continuous throughout Europe , the employment ot capital has ceased to depend on merely local circumstances . It is held in common by the whole commercial world , and will be employed accordingly .

      the -success of his government , than to his own skill . The domestic tyranny of the contemptible bureaucracy of which he is tho head would not have been borne had not tho nation been , from causes over which ho had no control , oxtroniolv prosperous ; and , should that prosperity ccaso , his throne and tho poaco of Europe will bo endangered . We aro far from saying , however , that capitalists should bo induced by such considerations to advmioo oaoital for industrial ontornrises in Franco or

      elwowhoro . TJioy ought to bo , and must bo , guiclocl only b y -the probabilities of tho enterprises paying well . j but suoh considerations should prevent tho public , and ( especially journalists , from condemning itine 'capitalists who invest their property abroad ibeoause thjoy find this more advantageous than incosting it . at home . Capital originates iu no country specially ,, . and . owes allegiance to no one in . pie-• foronce to another . Capitalists show tlioir patriotism , b ^ y making tho most they oan of t'hoir means , Which is the'ir'best method to enrioh their own country and 'the world . Tho bulk of Europe is far 'behind ^ England in many of the arts common to all ,

      In the darkest days Of Cormau , gnt farming ho 'declares ho never saw anything worse than In 'boasted Normandy and some of the most favoured . UfetrUitB or" the south and west : small flelfls and impenetrable hedgerows , scourging and exhausting crops , and little or no manure to supply fhe Qofloienay ; ploughs that xnlgltt have been used by the early Druids , tugged along'by a motley crew of dispirited cows , horses , and oxen , -with a poor , industrious , well-disposed donkey in the "van ,

      General Trade Report. London, Friday Eve...

      GENERAL TRADE REPORT . London , Friday Evening . Oon advices from tho manufacturing districts confirm what wo have previously stated in reference to tho improving tendency of trade , though m some branches complaints of want of activity ami lowering prices continue to bo hourd . The greatest ; appearance of briskness is visible in the iron tnuie , and judging from the orders which arc arming from abroad , and tho gradual hardening oi prices , wo may look for prosperity in this important atup . o brado for sonic tinio to come . . . The cotton market has shown considerable activity owing to tho latest accounts from America , wlucu state that tho yield of the now cotton crop is outinmtod to vary botwqou 3 , 000 , 000 and 3 , 700 , i > uu hnloR

      . The stocking trade looks well , ami activity is apparent among tho various branches of this niunufauturo . i , The ooal trade is considerably brisker , ami tlioug i a good deal of dissatisfaction still continues among tho minors la tho viirious districts where tho ««»« lias been , most visible , yet there aro unnus aituuiu symptoms of a better fooling taking the pliwaiu » that foolish hostility which has for some tuno l > rovailed , and that the miners , seeing tho folly , JnutHUj ^ and iniurv to their fnmllios of their proceeding' * , «»« boo 111

      gradually -roturhlng to work , Wo hone to » vory abort time a ronowal of that confldonoo l' ° t " employers and employed which ought over to pro-

  • Citation
    • Leader (1850-1860), Nov. 6, 1858, page 26, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_06111858/page/26/