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Leader (1850-1860), 18th September 1858, Edition 2 of 2, Page 26

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      The Treaty With China. An Impulse Undoub...

      adopted this weapon of European autocrats . Has Russia been busy here ? Are we hereafter to find in this stipulation of passports an obstructive element to be worked to our disadvantage , and to the advantage of rivals ? We shall see . It is needless to call upon our manufacturers and exporters to wake up and be stirring , lest they be distanced in the commercial race that is about to be initiated in the East . We have already found America and Russia treading on our heels and tripping us up in some of our staple products . We , however , refuse to admit that this circumstance is owine either to greater cheapness , to superiority in

      the manufacture , or to want of proper information in the exporter as to what is best adapted for the Chinese market . We have seen in _ some of the newspapers absurd statements of the ignorance displayed by British exporters—that cargoes of pianofortes and similar unsuitable articles were sent to John Chinaman , of course to the deserved loss of the ignorant shipper . We discredit such sweeping statements . We do not dispute that mistakes are sometimes committed by persons who rush recklessly into the export trade , without previous training . We do not deny that warming-pans and skates have been sent to South America , but we do

      deny that such folly and ignorance have characterised the China trade , or that it is owing to the supineness or want of information on the part of the British exporter that the Americans are able to sell to the Chinese a larger quantity of jeans , and calicoes , and the Russians a greater quantity of broadcloth than we do . These results are to be attributed to other causes than those to which , our contemporaries so glibly refer to . In a fair competitive field , with no favour , the British manufacturer need have no fear of being beaten in any market in the world . What he will have to fear is underhanded dealings , which the higher

      commercial tone of his character affords no protection against , of unscrupulous foreign rivals / However , as we have said , this treaty will give an impulse to trade all over the world . We expect to see America foremost in the commercial struggle . We have information that America is about to put forth her commercial energies in this direction ; we shall expect soon to see the Chinese seas covered with fast steamers of suitable draught and American build , filled not only with American produce and manufactures , but with the produce and

      manufactures of other countries . We must look about us , and not be caught napping . Russia and France will play no mean part in this contest ; but with fair play we do not think we shall be beaten by rivals . The important feature in the treaty appears to be that the Yellow River is to be thrown open to foreigners , and that an ambassador is to reside at Pekin . This we take to be the small end of the wedge destined to shiver into atoms the oldest , the richest , and the most densely peopled empire in the habitable globe . We give at foot an abstract of the treaty ;—

      THE TREATY . ( From the " North Chin * Herald : *) We have received from a reliable source the following summary of the most important points of the treaty which-was signed at Tien-sin on the 26 th ult , by his Excellency the Earl of Elgin and the Imperial Commissiqners Kwei-liang and Hwa-shana , and which has since received the ratification of the Emperor . The treaty contains 66 articles ;—• ? 'Art . 1 confirms the treaty of peace at Nankin , and abrogates the supplementary treaty and general regulations . " Art , 2 provides for the optional appointment of Chinese and . British Ministers at the Courts of Pekin and St . James ' s ,

      " Art . 8 contains provisions with respect to the permanent establishment of the British Minister at Pekin , his family and Bulte , ** Art . 4 makes provision for the travelling , postal , and other arrangements of the Resident Minister . « Art . 6 . The British Minister to transact business with the Secretary of State on footing of equality . " Art . 6 . The same privileges accorded to Chinese Minister in London . " Art . 7 . Provision with reference to consuls and their

      official rank . . > .., f 4 . Ayt ^ 8 oU 3 hrifttianity , wwhetheftfKrotestant . loivIloman Catholic , to bo tolerated , and its professors protected throughout the empire . " Art . 9 . British subjects to be permitted to travel for pleasure or trade to all parts of the interior ; arrangements with respect to passports , and cUtes in th < j hands of rebels . " Art . 10 . Ohinklang to be open to trade within a year from tho signing of the treaty , and three other ports on the Yang-tae-kiang , as far as Hankow , to bo opened , patheeyftcaaUonof its sUorea by the retell ,

      " Art . 50 . Official correspondence to be for the future conducted in English on the part of English officialsto be accompanied by a Chinese version for the present — and to be considered the text . " Art . 51 . The character ' I' ( barbarian ) to be suppressed in Chinese official documents . " Art . 52 . British ships of war to visit any port in the empire . The commanders to be treated on terms of equality by Chinese officials . " Art . 53 . Measures to be concerted for the suppression of piracy . . " Art . 54 . Favoured nation clause . " Art . 55 . Conditions affecting the Canton indemnity question , to be placed in a separate article . " Art . 56 . Ratifications to be exchanged within a year . "

      " Art . 11 . The ports of Niu-chwang ( Manchuria ) , Tang-chow ( Gulf of Pe-che-le ) , Tai-wan ( Formosa ) , Swatbw , and Kiung-chow ( Hainan ) , to be opened in addition to present ports . ¦ . . " Art . 26 . Tariff to be revised by an Anglo-Chinese Commission appointed for the purpose . " Art . 27 . Revision of tariff to be decennial . " Art . 28 . An official declaration of the amount of transit duties leviable at inland custom-houses to be published in English and Chinese . The British merchant , however , to be allowed , if he chooses , to commute the transit dues at an ad valorem rate . " Art . 29 . Reduction of tonnage dues , and a four months' certificate to vessels engaged in coasting trade .

      7r The Ii E Ader. [No. 443, September 18...

      7 r THE Ii E ADER . [ No . 443 , September 18 , JL 858 .

      General Trade Report. London, Friday Eve...

      GENERAL TRADE REPORT . London , Friday Evening . All the accounts received during the week from the main centres of manufactures and trade speak uniformly of the improvement which is taking place in business . Stocks of all kinds of goods , dur ing the collapse which succeeded the ,, late panic , fell extremely low ; and now that the additional means possessed by the public , from the increase of employment and the extension of trade , are enabling them to supply their necessities and to add to their comforts , producers are as yet unable to meet the demands upon them . The necessary consequence is that , being called upon to supply immediate requirements , they have raised their terms , and decline to accept contracts for long dates , eT * bt at full prices . This is , at the present moment , an e 3 P ^ feature in the cotton trade ; but it is extending . * ° / ne woollen and flax , and , in a smaller degree , even / tne iron and hardware trades , which , it is satisfactory «* L 5 ? erve ,

      are progressively improving . With regard to prices , manufacturers palliate their increased terms by pointing to the advance established in raw materials , such as in cotton , wool , flax , and somo others . But as the price of goods has been raised in a higher proportion than the advance in the raw materials , except it be in linens , it is clear that , as has been observed in this place for the last two or three weeks , the manufacturers are making highly profitable returns at this period . The opening of China , which ia npw accomplished as effectually as it can be by diplomacy , has a direct tendency to encourage an increased demand , not in cottons alone but in hardware , leathers , and other descriptions . That empire alone , if it be not overstocked and

      overdone in the first instance , will enormously extend manufacturing production in this country . India is gradually becoming tranquillised , Australia is , enlarging her necessities ; from South America and the West Indies Orders are accumulating , Russia is at this moment one of the best , if not the best , of our European customers , and a wide market is gradually expanding in the new colony of British Columbia . This rapid suggestion of only a few of the outlets for our manufactures proves that the present improvement in trade is not likely to be merely transient . It proves rather that its extension for a considerable period will be substantial ; and that it will be profitable admits of quite as little doubt , as we have the actual command of all

      these markets , and can secure our own terms against ajl the competition of all the world . With regard to Ireland , all the accounts hence satisfy us that its manufactures , including that of spirits , are active and remunerative . The linen trade of the north is enlarging , and there is a greater circulation of coin among the people—a tolerably safe indication that they are well employed and well paid . The state of the money market corresponds to tho general condition , in so far that capital is cheap , and readily obtainable . But tho compulsory restriction of credits , which was

      one ^ f ^ the . moat-iaoQnv > onient 4 acia « nt mercial pressure , is now reacting upon bankers and capitalists . The cash system is to a great extent , particularly where goods are immediately required , which happens to bo the main feature of trade at this moment , superseding the currency of WHs ; and accordingly tho bankers , and bill-brokers are complaining of the difficulty they find in obtaining good discounts , though they offer them at 2 j per cent ., and in somo oases oven lower . Tho cash system employs more notes , but there aro Cower bilk in tUo bankers' caws , Honce

      there is an accumulation of unemployed capital at this moment which is perfectly fabulous ; and hence the talk of the present week tha t discounts will be lowered in order to get out some portions of it . Under such circumstances , the profits of these banks are hardly likely to be maintained . Jndeed , at the meeting , of the Bank yesterday , the Governor indirectly admitted the difficulty which the Court of Directors had found in continuing the 4 £ per cent , dividend for the past half-yeararid the proprietors were prepared , inferentially , for a lower amount for the current half . The experience of the joint-stock banks , so far , is , we have reason to believe , strictly analogous . So long as trade remains healthy , as it now is , we anticipate that there will be no departure from the existing cash system , especially as it is profitable for both buyer and seller . The buver takes his money to the place where he can obtain the

      goods he requires the cheapest for cash ; the seller is saved the cost of discounts , and has the command of his own capital . Whenever the anticipated mania sets in whatever may be its type , we may be sure that it will be preceded by an increased bill circulation , which , again , will bo preceded b y speculative movements in produce . This will indicate pretty clearly what is coming . But we cannot foresee that anything of this sort will happen until merchants and manufactu rers and general traders have long accumulated heavy profits ; and when it does happen , we are far from thinking there will , be so much recklessness as is generally attributed to manias of this description . Gn the one hand , present prosperity will be found not to have altogether eradicated the virtue of caution ; and on the other , the eagerness to become rich will be so easily detected by the general intelligence , that it . will be either wholly discouraged , or confined within comparatively restricted

      limits . . : . The Manchester trade continues extremely active , with every prospect that the improvement will not be merely temporary but that it will extend . Last Friday yarns were in large and general demand at fully id . per lb . advance , while the finer counts advanced £ d . The demand for cloths was good , with unabated firmness in prices and a constant tendency to improvement . Indeed , no new orders could be placed without assenting to higher terms . These higher terms rather checked speculative business , but immediate transactions wer e numerous and the higher prices paid . On Tuesday the market was strong and almost excited , though the demand was checked by the extreme prices now

      demanded by producers who have the double plea of cotton being fully id- penny dearer ini- Liverpool and of being full of contracts , Which prevents them taking orders for early delivery . The stiffness of the market was most observable in yarns , particularly in the home trade qualities , such as Blackburn 32 ' s , on which the advance averaged from id . to jd . per lb . but at the extreme advance very little business was done . In CO's twists ami the finer counts generally a s imilar state of things prevailed—that is to say , spinners raised their quotations about ^ d , per lb ., but did not sell freely at the advance . In export yarns the business done was mainly for India , China , and Russia , and although a good doal checked

      by the demands of spinners , a moderate business was transacted . The German buyers , to a considerable extent , still stand aloof , doing comparatively littkyandthe decided advance since last week amounting to Jd . per lb . on 30 ' s water twist , 40 's mule , and certain kinds of , twist and pin cops , seems to have made them still more cautious . Two-fold yarns continue in moderate request , and somo counts recently much depressed , such as 40 ' s and 80 ' s , are now saleable at bettor prices and in fair qunntitios . Tho cloth market vra » extremely firm , so far as prices are concerned , but tho full advance was obtained only for moderate quantities . The favourable naturo of the advices from India has

      strengthened the demand for shirtings and jacconots ; but as tho makers of 40-inch shirtings held for an mlvance of 3 d . to 4 jd . per piece , the transactions wore but limited . L cloths and T cloths continuo in fair raiuest for the Levant , and a steady business is doing in tliosQ goods at , an advance of lid . perpieco . I * rinUng cloths also are in good demand , and with most other descriptions of goods arc hardening in value . The market tliia day waa exactly of tho same character both with respect to yarns and goods . In somo descriptions , buyers who bad hold back their orders , woro obliged to concodo Uio terms required bv tho manufacturers . Employ" * "' « now general throughout thp wholoof tho manufacturing districts of Lancashire .

      • At Leeds , the activity of business this week 1 ms moro than compensated for its temporary suspension during the general holiday cauBOtl by tho visit of tho ( Juoon . Tho cloth hftlls on Saturday wore but acantily niUimm , but on Tuesday and again yestorday much activity pi'O ' . v , aUoa ,. aud T huttiqQ » a . \ v , aa ^ xtcftHio | y ^ ulm ^ l ,. | iL £ ( pr deal of cloth has boon cleared ; anil thoro is still " «»»* demand for tlioso goods , and for all soanouablo < losciip tions . Manufactures ( iro generally obtaining tl ' ° " ' ° " i prices . It is believed that the Exhibition of /* ** Industry , now opon In this town , will stimuli * o H » o innuirv fm . tha Hiinerior olnssoa of COOdfl . Tho ship >»> S

      houses are busy , and some of tho warehouses ore »""""» long hours . On tho whole tho trade of this town vriw nov , or in a more sound or satisfactory state , Huddowflold , liko alirtho surrounding mnnmHWb

  • Citation
    • Leader (1850-1860), Sept. 18, 1858, page 26, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_18091858/page/26/