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Leader (1850-1860), 4th September 1858, Edition 1 of 2, Page 913, Untitled Article

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      Untitled Article

      T ^^ ^ a mt mmm ^ m m ^ mmmmm , «^ mtma ^ in the preceding four years . The great change is merely in relative vulucSj or in . the calculation oi them by , or the expression of them in , money . The reduction in the price or value of manufactured articles which we chiefly export has not equalled the reduction in the price of the raw materials which we chiefly import . This is the chief explanation of tlie change , and it is a remarkable circumstance in connexion with the successive , continual , and great reductions in the cost of ¦ producing , manufactures , which is a great feature in modern society , and in connexion with the . theory that the price of raw produce , oh the contrary , tends continually to rise . Such opposite tendencies cannot long co-exist , and in these facts we sec the reverse taking place , and an equilibrium restored which , did they continue , would be destroyed , and one species of industry be permanently discouraged . losses

      lor individuals whose gams or are always measured and determined by prices , such changes in relative value as those now adverted to arc of vast importance ; to the nation , whose welfare depends not on money prices , but on the quantities of commodities produced and commanded by labour , such changes , except as they influence production , are of no consequence . The quantity of wheat , for example , is greater , and there is more food obtained by less labour , though the price be less . From this will flow an increase of population and of productive labour . To the person whose existing stock Ol manufactured goods or merchandise is reduced in value by the fall in Uic price-of subsistence and all kinds of raw materials , this may be an injury or ruin ; to the nation , it is a benefit . To the individual , too , it can only be momentarily disadvantageous , for his purchases and sales are soon adjusted to any new scale of prices , and the cheapness , which' -encourages the growth of population , soon becomes beneficial" alike to all ; but , in the mean time , he lias not as much money as he expected to have , and he is disappointed . He suffei-s both from the generally lessened demand or disinclination to purchase while prices arc falling , and from the temporary decline in tlie value of his possessions . To indU viduals , money prices are all important ; to nations , they are only important as indications of the quantities of commodities . T ^ 1 _ 1 ? ' i 1 . _ . — — . . •_ ... — . « w ' n i- --. ^ v C a . « *¦ 4 «•« Jl A « Vv *» 4-li / % ti »« c * t " i / ii ui wui trtiutmi moi

      j- / ouoiiiig u aggrujjiiit ; . ; mo . six months of the year , we have 216 millions as the probable value for the whole year . This is 63 millions less than the aggregate value of our trade in 18 . 57 , ¦ and 42 millions less than the aggregate value iu 1 S 5 G . It exceeds that of 1 S 55 by two millions , and is below that of 1851- by seven millions . This is the explanation of what is called the stagnation of trade . It is not as active as in 1 S 57 and 1850 . But the reduction , is , as we have shown , nominal to a considerable extent , the reduction in the quantities of commodities by no means equalling the reduction in prices . The convulsion that terrified us in 1 S 57 was the means of adjusting fictitious prices to realities , and only enables society , instead of remaining fixed on an artificial level , to which false credit had raised it , to rise the higher for the temporary fall . Our trade tables , however , have another aspect . Both exports and imports arc still distinguished into those which go to and come from foreign countries , and go to and come from our colonies . Between 1 S 5 A and 1857 these circumstances are represented by the following figures : — TOTAL IMPORTS . CO . MI'UTKD V . UiUK .

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      GENERAL TRADE REPORT .

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      THE ATLANTIC TELEGRAPH COMPANY .

      "While the Atlantic telegraph was in progress , the first question was , " Gan it be laid down ? " the next was , " Can it work without such retardation as to cause crowding and indistinct transmission of signals ? " These questions hare been answered , and now come . ? a third , " Gan it pay ? " The slownsss with which the earlymessages were transmitted , the delay in throwing the line open to the public , and the slow rate at which the line still works , have given occupation to the doubters . "What Dr . "Whitehouse bad solved in a dock has been verified in the ocean , that signals can be : transmitted through two thousand miles of wjre . The conductible power that was exhibited in the cable in the storehouse at Plymouth . has been found unimpaired when the cable is immersed under great pressure ; and it has been proved that battery-power can be provided adequate to secure the transmission of the signals . Sufficient , therefore , has been done to show that what was expected has been accomplished , and that the Hue is in a working condition . The rate of message last reported is two words per minute , the capabilities of the apparatus having so far improved ; and , under these circumstances , instead of there being ground for serious doubt there is ground for confluence . . . there for that

      So far from being any reason assuming the maximum power of transmission has beta obtained through long lengths of wire or through the Atlantic cable , we are only justified in regarding the present result as a minimum . For that . matter there are people enough , now that Dr . Whitehouse has fulfilled his promises , ready to assert that they can send six oreight words per minute . Two words per minute will ' allow from six to eight short messages , or a ten-line message , per hour , and at the rate of 1 / . or five dollars per message , this will give a revenue of some seventy thousand pounds , or three hundred and fifty thousand dollars per year . In fact , there is the business for tlie line , and tlie capability of conducting it .

      In the course of working , and with the progress of improvement which always attends such enterprises , we may safely look far nn increase to three words , four words , nix " , seven and eight , when the capabilities of the line will be better shown , and a reduction in the price of messages can be effected . . There is likewise another mechanical or technical expedient for increasing the power of the line , which will be ' applied when the coufse of business is more donned and bettor understood , and that is the code system . At a time when the telegraph was new , and when in fact it was still open to question whether the electric , the acoustic , or the hydraulic telegraph would bo "found to present" the , 'greatest meohanical facilities , « the Into Francis Whiahaw bestowod much timo in framing and perfecting a code system for the greater economy of signal power , being one of the many subjects to which tho assiduous labour and practical genius of that ublo man were applied . According to his system : there was a separata code or set of signals for each branch of business , for shipping , for stocks and shares , railways , corn , and so forth , wheroby a signal being made announcing tho codo to bo adopted , ordinary signals were applied to signify special terms . Tims , nU the cornmai'kct roporta aro worked on ono codo , wheroin conventional signs represent each class of produce , while tho same signs would , on the colonial-market codo signal ' boluTSiv ^ " " '

      Whishaw was always of opinion that this is a groat moans of economising telegraphic power , and ho proponed to introduce it when ho was employed in tho organisation of the staff of tho Electric Telegraph Company . Ho remained , however , only a short , timo there , and iho eystom lias been only partially employed , because with tho development of telegraphy ) and on account of tho number of stations , it is found easier or loss complex to work as far aa poasiblo on ono general system . The Atlantic telegraph , however , prese ' nta just those conditions which are most favourable for tho application of

      the code system . It may be regarded for the pnrpos as , having two distinct termini , its business will be to great degree of a steady routine character , affording th daily or periodical supply of messages of defined classei as prices of stocks , cottons , and corn , and transaction in them , sailings of-steamers , and a variety of operation which will admit of classification under probably som twenty codes ,, thereby allowi » g a large portion of th business to be conducted by much fewer signals . Wha the present speed in signals is we do not precisely know most likely fifteen or sixteen per minute , now equiyalen to two words , but which , under the code system , wonl < allow of . five words per minute being transmitted ; am taking the average of transactions , and allowing fou ; words per minute for code and general messages , woul < at once double the economical powers of the line . Thestaf of the Atlantic Telegraph Company is picked throughout , as the late expeditions well showed , and it includes picked telegraphers as well as engineers and electricians . Among the telegraphers there must be some conversanl with the code system , for Sir . Edward Bull was a chiel clerk of the Electric Telegraph Company , and , being one of the earliest pupils o f W hishaw , would be trained in his code system . Whishaw ' s codes would likewise be found the most available , for they exist in the records ol the Electric Telegraph Company , and in his valuable papers , carried out with all that ininute care which was one of his characteristics .

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      tam mmm ^^^ m—**^ ^ WP ™ B ? S 5 ! ^>» W ^ S 1 # J . * '' -J -v :..- "' I-: " ' "W ; - ^" ^^ " ^ : 'v .- « -V- * ' ;¦• ' ¦•"; : ¦¦ ' ' ^> - ? ' : / i' :: -v ^^ > .- •; - •'•• \ i . ; VK- . - ; -- ; ' ' . ;"" '<* " > V ~ -: \?" : r- . . ' ' 0 ' ' * W ' - ' No 44 l r SEPTEivtBEft 4 , 1858 . 1 THE LEAJjJl R . $ W

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      London , Friday Evening . We have again to report a satisfactory state of trade throughout the country . Even in the iron and hardware districts , where the change has been the last to commence , there is a marked improvement , and a cheering tone for the future , which , it is hoped , will compensate for the losses of the past . The cotton and woollen manufactures may be described as prosperous . On this point it will be seen that an eminent Manchester house ha 3 I distinctly pronounced that there is now something like a ! return of old times , when employment was general and profits , large . The railway traffic receipts , after making allowance for competition on the one side , and reduced tariffs , on the other , confirm , by their progressive increase , the fact of the general extension of commerce ; I and it is quite certain that nothing like speculation is encouraged anywhere . chester markets tnis weeic

      The Man nave Deen extremely firm . A moderate , business in all articles has been transacted at the full prices of laat -week , vrhilo in j some cases a slight advance has been paid . _ In export ¦ varns we do uot licar of mTich business , spinners being ; well under contract and indifferent about selling , while on the other hand the buyers for Germany and India seem very cautious , and operate sparingly . For Russia , the demand shows increased animation , and a fair amount of business has been done in the better qualities ; . of 30 ' s water twist and 40 ' s mule , as well as in the same class of twist and pin cops in 30 ' s , 36 ' s , &c , and these yarns are all better to sell , the hardening tendency occasionally amounting to a positive advance of id . per pound . Two-fold yarns are also more inquired for , especially the finer counts , from 80 ' s upwards . Horae-I trade yarns present no new feature , but remain steady in value . In cloth considerable business is doing , though it j a in some degree checked by the rising tendency of prices ,. especially in India and China shirtings , for which the demand continues to improve . For domestic . " ) T cloths , and indeed most kinds of goods , there is a steady

      demand , ana prices are sieuuuy uttiuouiutj . . uu * iMg m « week two important monthly circulars respecting the trade of Manchester have been isaued from houses whoso transactions enable them to speak with authority . The first is from Messrs . Du Fay and Co , ' s . They say , that from the impulses the market is now under , the present , or a somewhat higher range pf prices will , in all probability , bo maintained for , the renjaindfir of tl ^ q year ; and they add , " Tho favourable harvest prospects , and active homo demand , at a time when continental orders for the north of Europe must be given out for yarns and goods , to ensure their delivery before the close of the navigation , as well as some demand for transatlantic markets , have all tended to place producers in a bettor position than they have been for some timo past . Tho circumstance that tho holders of cotton do not meet with tho same facilities as they had been wont to enjoy , as regards advances by the banks , prevents thoir taking an undue advantage of tho present favourable state of our market . " And thev conclude as follows : —

      " Tho homo-trade merchants havo done a largor * businoss ^ han » in > onywof-tho-proviousjnoiUUajifJ ^ y ^ Tho harvest in tho north is not secured , but no doubt exists that on tho whole it will prove an avorago one , and this , jointly with a good Amorican harvost , will secure moderate pricos for tho chief nocossnriea oi jijo , and enable tho working class to spond moro iu « r ««» ° a of clothing than they havo boon able to do for eom ^ timo paat . The trade with the United St « toa of Amorlcn . ip < gradually but very slowly improving 5 «»«« Jfl ovorj Sncctfttfon , however , that the spring trade will assume somewhat of its formor noti vUy . 'Iho foreign West iSrandaiacent countries have t « kon much loss than

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      18 IH . 1805 . i lSftl ) . 1 S 57 . From foreign ¦*! JB | £ X countries 118 , 230 , 551 IOO , O 51 ) , 5 : ) O 120 , 517 , 508 Not yot From Hrltish i dlstinpossosslona ... 34 , 110 , 100 ' 33 , 5 S 3 , 8 n' > 13 , 020 . 0 S 0 gulshod . 1 1— , 1— - ^ Total 152 , 380 , 053 ; 1 _ W , 04 S , 8 » 0 _ 172 , 01 V , \ r > I l ^ WWWls 1 S 53 . —Six Months . From forniKU countries ^ 00 , ll' ) , SS 5 From Uritiuh possessions i : < , 'J 3 O , 20 ( l Total ^ CW , O 77 , 15 L

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      TOTAL EXL'oitTS Ol ? " nATIVIsTaNJ ) FOREIGN < PltODUOB . 'I ""! '' ' ' TyTzcnxiCKEV'Y 'xvxrR : " '" >¦ " *« - ¦¦• ¦ " ¦ " — . ' " i i » . M . lHJin . ~ i 8 » a . " 1807 . To foreign conn- £ t ! ii A mM ? ,., 78 , 1 ) 1 ) 7 , 02 * 87 , 832 , 370 , 102 , 02 t , 07 C 105 , 038 , 150 I'O JJrltlah pofl . ^ salons : ) 0 , 8 B 3 , 10 S 38 , 808 , 021 aO . OWO . OT . lS 40 , 470 , 810 ____ Total 110 , 718 , 002 Uo [ lWl ,: ) QO 130 , 2 ^ 0 , 303 l " lo 7 omM ) O 2 J 31 WTISH PRODUOli ! ONJ ^ Y . '" "' " J 858 .-SIX MONTIIB . To forpiKn conn trios ^ 33 , 8 fl 3 , 05 l To British possoBBioiiB H ) , O 7 J » , lftO - Total ^ oa , 4 ti 7 ^ io *

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      YV e do not rely much ou the return for the last six mouths , vvhicl ' imay yet receive , important corrections ; but the figures generally indicate a steadiness arid a continually progressive increase in the tfcade to our own possessions superior to our foreign trade . To them the exports in the first half of the year excocd ilie cxpdrts in the first half of 1 S 57 , and the decline in our . exports is solely to foreign countrie ' s . They have not the means of buying so much this year as they had last . Generally speaking , this superiority is * duc to the similar or free prinei ^ les ,. wlucli pi-cvail alike in the home legislation and in the colonial legislation , though \ yc cannot say that in cither ' of . them these free princi p les are fully carried out . Foreign countries would participate more than they no \ v do in our advantages , would obtain both a larger and steadier trade , were they to adopt our free principles ; but some time will yet elapse , though progress is making every year , before they can get rid of old prejudices and allow industry to take its free and natural course .

  • Citation
    • Leader (1850-1860), Sept. 4, 1858, page 913, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2258/page/25/