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Leader (1850-1860), 8th January 1859, Edition 2 of 2, Page 25, ! No. 459. Jaktjaby 8, 1859.] THE REAPER...

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      ! No. 459. Jaktjaby 8, 1859.] The Reaper...

      ! No . 459 . Jaktjaby 8 , 1859 . ] THE REAPER . 57

      Com M E R C I A L.

      COM M E R C I A L .

      The Revenues Of 1858. The Revenue Accoun...

      THE REVENUES OF 1858 . The revenue accounts for 3 858 open up cheering prospects for the country . They are proofs of the continuance and increase of the national prosperity . On twoor three occasions , in describing the progress of pur trade , we have informed our readers of the fact that the customs revenue was increasing , and our inference from the Board of Trade tables is

      now amply confirmed . In 1858 the customs revenue was 24 , 092 , 000 / . against 22 , 464 , 352 . 1 . in 1 S 57—an increase of no less than 1-, G 27 , G 4 S / ., though customs duties to the amount of 1 , 62 S , 5 S 2 / . were 3 abolished in 1 S 57 . So true it is that the customs arithmetic differs from all other arithmetic , and in it very often the result of addition is a less , and of subtraction a greater , sum .

      The excise follows the customs , but not at an equal pace . The . revenue from it was , in 1 S 5 G , 18 , 073 , 778 / ., and in that year the war . malt tax was repealed , estimated to yield 2 , 200 , 000 / . Accordingly , the excise revenue declined in l'S 5 . 7 to 17 , 472 , 000 / . In 185 S , however , ' it vobo to 17 , 900 , 000 / ., or only 1 O 7577 S / . less than in 1 S 5 G , though 2 , 200 , 000 / . had been given up . This augmentation of customs and excise revenue consequent on a reduction of taxation is a great encouragement for all financial reformers to insist on further reduction . It permits the expansion of industry and the . ' augmentation-. -of national wealth to such a degree that a smaller per-centagc on the increased mass yields a larger revenue .

      debtors and creditors and . dealers , and' that it had left all the real sources of our national wealth uninjured . They amply confirm the most sanguine expectations of the advocates of free trade ,, and demonstrate that as restrictions are abolished not only does trade enlarge , but it becomes regular and less liable to inj urious vacillations . When free , it can bear the diseases with which ignorance and peculation inoculate it , and has strength to cast them out and flourish by its own vigour . Only when enfeebled by legislative bondage does trade perish from such , trifling disorders . So manifest are now the advantages of freedom that we are every day more and more surprised at the accontinuance of

      quiescence of mankind in the restrictions . Were a tithe of the advantages of freedom supposed to belong to some belief in the Unknown , we should have crowds of missionaries eager tP preach it to all nations . But it concerns only the welfare of man on the earth , which can be achieved by each individual for himself—which he is already too much disposed to attend to—and the great social benefits of the exertions of individuals in freedom arc more eagerly denied , and the knowledge of ihem obscured or hidden , than proclaimed . The senses and the intellect cannot , however , be chained , and their operation will infallibly make the advantages of freedom , as demonstrated by our success , known to all , and , in due time , secure its supremacv .

      The total revenue for 1 S 5 S is GG , 2 S 6 " , pO 5 / . ; for 1 S 57 it was 70 , 390 , 342 / . ; but the decline is not hall' the amount of the sum of taxation reduced . In 1 S 57 , besides the reduction of the customs duties mentioned ^ a portion of the . property and incometax , yielding 9 , 125 , 000 / ., was reduced . Some arrears of the tax might have swollen the revenue of the present year , but as these arrears must have been collected chiefly in the past quarter , and the whole produce of the tax in that quarter was only 3 , 390 , 000 / ., while the total decline in the year was l ; G 00 , 000 / . less than the estimated decline , it is

      pretty certain that the commercial convulsion has not on the whole very seriously diminished the taxpaying incomes of the commercial classes . The best test , however , of the increasing prosperity of the people is , that the total revenue in 155 S is only 4 , 103 , 347 * . less than in 1 S 57 ; while inlS 57 ihe amount of taxes reduced Mas no Ices than 10 , 753 , 582 / . This informs us very distinctly that the resources of the country have increased much beyond the calculations of our financiers . If such a progress has ensued in 1 S 5 S , when our commerce lias bocn convulsed , when the work in our factories was for a time suspended , what may we not expect

      in 1859 , when our trade is fully restored to health , and every branch of the natipnal industry in full nnd profitable activity ? As our supplies of raw mato rials tiro large , as food / is abundant , and population everywhere increasing , urging forward increased production and increased consumption , we antioipato augmented trade and great additional rovonuc . Wo trust in the continuance of peace , and cannot believe that tho old wars of Europe for tho advantages or whims of mpnurchs will bo now revived . Wo must not , however , full into tho error of supposing that tho increase of tho revenue is nn index to somo merit in tho Government . Tho Derby Ministry has had no moro to do with tho

      Success of trade , With tho increasing moans and increasing consumption of tho increasing population , than it had with tho commercial convulsion . JFrooly exonerating Government from all blame foi that , wo must as freely assort that it can claim no merit for our prosont , nor will it havo any merit for future , prosperity . At tho vory best it only permits , by ijio abolition of restrictions and taxation , froo play to individual energies , and has no tositiyo and active power to inproaso or direct hem , or augment their produce , Tho revenue returns amply confirm all that we liivvo told our ronclors of tho groat . commercial convulsion bcinp ? a inero adjustment of accounts between speculative

      General Trade Report.

      GENERAL TRADE REPORT .

      London, Friday Evening. The Holiday Fest...

      London , Friday Evening . The holiday festivities have not yet wholly disappeared from the manufacturing districts , but the active course of business in several branches of manufacture has not been interfered with perceptibly , as the wholesale houses are too full of orders , and too desirous of getting them completed , to allow of any prolonged delay through the operation of Christmas holidays . Our last notice of the condition of trade stated that the prospects for the present year open well . . . A review of the transactions of the year just closed , and a careful consideration of the existing state of busi ^ - ness in the centres of our manufactures , confirm the opinion we have already expressed , that , provided no

      unforeseen event ,. no foreign wars or complications come upon the surface , wo are pretty sure to have a good year , and a year of augmented profits . We are not only busy just now in various directions , but the wholesale houses , manufacturers , and operatives in most of tho leading trades arc getting higher prices , and it may therefore bo fairly assumed higher profits . The activity which has prevailed has led here and there to demands on tho part of workmen which their employers have hesitated to grant . Strikes and threats of strikes havo ensued , but , as far as our inquiries extend , we have reason to believe that matters have been accommodated , and that employers and employed go on comfortably together .

      Liverpool . —There has been a quiet but steady market for cotton . The sales have not bean large , but they have been quite oqual to what may bo expected at thin period of tho year . MAKi'HKSTEit , —The activity which manifested itself during the last month has experienced no abatement . The buoyancy which was so prominent last week nnd the preceding week , has not diminished in the least , and tho tendency of prices is still upwards . Yarns for India nnd China have again been in active demand , and the consequence is , that prices have advanced id . to gd . per lb . Cop and reel yarns for manufacturers are id . to * d . higlior . The demand in not confined to yarns , it is equally brisk in all tho markets , and the greatest difficulty is felt by buyers in getting tho spinners to tako

      moro orders . Tho spinnors are already fully engaged for tho next month at least , and thoy , therefore , will not rondily tako moro orders , except at a further advance , which is not as yet conceded . Cloths are in active request , and at tho highest rates asked during the last week . A good many orders are still issued , although it is impossible to guaranteo an oarly supply of goods . Of course wo rofer to toloths for India ; tho homo trade , though good , is not quite so optlvo . Tho demand for other foreign markets has boon vorv fair , and still continues so ; but it cannot bo doubted that tho Indian ordors hnvo onrrlod off nearly throo-foijirths of tho goods that have boon produced . To show tho pressure on tho spinnors , wo need only refer to tho fact that , although tho ordors unoijcooutod wore larger than known for some considerable period , and wore being continually added to . the

      exports were less in amountin December than in November . The truth is , the demand was greater than the supply , and the goods required for the India and China markets could not be procured . Even for this month it is expected that the supplies will fall very far short of what is required . To show the rise in prices that has occurred during the last month , we give the following extract from Messrs . Fraser ' s Trade Circular : — " l £ d . per piece in 7-8 tha printers , 3 d . in India qualities of madapollams , and 3 d . per piece in Brazil qualities , 2 d . to 3 d . in 9-8 ths printers , 3 d . to 4 $ d . per piece in 9-8 ths shirtings , 6 d . per piece in India shirtings up to 7 lb s ., and 7 id . to 9 d . per piece in , 8 to 8 Mb . shirtings , 4 £ d .. per piece in 36 in ., and 3 d . per piece in 39 in . figured shirtings , 2 d . to 3 d . per piece in Indian jacconets , lid . to 3 d * per piece in T ^ cloths and long-cloths , and about l-16 d . ( and in some cases Id . ) per yard in domestics .

      Yarns are also dearer by id . to £ d . per lb ., the shirtings suitable for India commanding a preferential sale over all others , as by the latest accounts they still show a very large profit upon our current prices . The stocks of these are light , and favourite kinds of them are preengaged into February , and some of them intoJSIarch . There has been a good demand for prints , from the leading foreign markets , and owing to the dearness of cloth , prices have advanced 3 d . per piece . All our print works appear to be well engaged . " As far , then , as our export trade to ' India , China , and the Continent is concerned , it may be considered as extremely good . The only drawback is , that fears are entertained that the markets will be over supplied , and that then we shall have a reaction in prices and a cessation in demand , which will partially neutralise the good that has been effected .

      NoTTiXGHA 5 r .-rrT'We wish -we could report that more activity was visible in the lace trade . The market still continues extremely quiet , but makers are looking forward with confidence to a reaction as the spring advances . There nas been more doing in Mechlins and plain nets , and some little business has been done in fancy goods , but . buyers have made purchases very sparingly . The hosiery trade still continues animated-The manufactories are full of orders , which it is expected will keep them fully employed for weeks to come . The

      prospects of business appear to be very cheering . Business is not only brisk in Nottingham as far as the hosiery trade * is concerned , but in the surrounding districts also . Leicester . —The hosiery trade is likely to continue brisk for some time longer . In all seasonable branches a very good business is doing , and it would not create surprise were this activity to be shortly augmented . At Loughborough , Hinckley , and other hosiery districts , the same satisfactory state of business prevails . Good workmen are employed at good wages ; and yarns and wools are moving upwards in price .

      BiumisghAm . —The makers are not very busy , but there is a very fair business doing generally . In the iron districts a good deal of activity prevails . The Welsh iron masters are mostly well supplied with foreign orders . Tub Coal Mines are in active 'work . Some minors still stand out , but the majority of malcontents have given up futile opposition . Woollkjj TuAde . —The reports from Leeds , Huddersfield , Bradford , and Rochdale , concur in stating that

      the year opens with a brisk trade in the local wool market . Fine qualities of wool obtain higher prices , and stocks are generally low . Worsted yarns for homo trade in good demand , and for desirable goods a fair demand exists . Foreign orders are rather scarco , because exporters are holding back . Buyers appear to be looking after job lots , but sellers are firm , and refuse to sell except on good terms . Black dooskin and fancy trouserings for the spring find ready sales , and at advanced prices . Canadian buyers are in tho markets looking after vestings . Stocks generally are very low .

      The Silk Trade . —Two past year has been generally satisfactory to all concerned in the silk trade ; it opened under rather gloomy auspices ( the losses of tho previous year being severely felt ) , but confide !) 00 was soon restored , and the moderate ratos which ruled induced a vory active demand , causing prices to advanco during January fully 8 s . per lb . Tho market subsequently became depressed , and it was found that a lower soalo of prices was necessary to enable the trade to work up to advantage tho largo stocks then in oxistence . In September and the oarly part of October continued accounts of short

      exports from China produced a considerable rise , and No . 8 Tsatleo ( new silk ) reached 21 s . ( kl . por lb ., when a pause took place . The subsequent advices of largo settlenionta in China caused a rapid reaction , ami in a few weeks prices had rooodod somo 2 s . por lb ., ainoo wliiuh wo havo had an aclivo demand , and latterly have again advanced to within a fraction of tlio highest quotations of October . The year olosos with a stock about onothlrd of that existing on tho let January , 1808 , nnd good silk almost exhausted ; it is , however , satisfactory to know tint nTjnlo Pivml'f" itm oirtsn pf bn-i . 7 .

  • Citation
    • Leader (1850-1860), Jan. 8, 1859, page 25, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_08011859/page/25/