Current:

Leader (1850-1860), 9th October 1858, Edition 1 of 2, Page 1075

Page 1075
Page 27
27 of 32

On this page

  • Text (4)
  • Transcript

    • Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.

      Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.

      Untitled Article

      advisers from Mincing-lane .- Let .-us look , then , at the effect of the manner of levying the duties alluded to . These duties are now , for sugar ea ual to white clayed , 16 s . ; not equal to white Xed , 13 s . lOd . ; not equal to brown clayed , 12 s 3 d . Just in these proportions , therefore , the law discourages thej ^ iniportation of the refined article and encourages the importation of the unrefined . It gives a bounty on a particular species of industry ; it encourages the importation ot the less valuable article , which requires more tonnage t < 5 carry ; it interferes with production , and is in principle , with its scale of duties , as much , a protective law for particular interests as was the corn law Some twentyears after the proclamation cf

      . y free trade we pass and maintain as to sugar a law ¦ which is a complete violation of those principles . That this law has given and still g ives great annoyance to trade is testified by the Customs Commissioners themselves . In their second report they exult in having made in 1857 " an improvement in their arrangements which have given satisfaction ( that is some relief ) to the trade , and effected a saving of expense . " Bat the description of what is now the practice indicates to anybody but casehardened Commissioners of Customs considerable

      inconvenience to trade . The whole of the sugar ( they saj- ) imported into London is now assessed at . the Custom-house in Thamesstreet . Hither the crown samples are forwarded from the different wharfs and docks as soon as drawn , and at the same time as the merchant ' s samples are forwarded to him or his broker . Two rooms in the upper part of the building , suitable in space and light , are appropriated to the purpose , and here all samples are subof two three

      jected to the inspection and judgment or landing waiters , superintended and checked by a landing surveyor , and aided , in case of difficulty or dispute , by Mr . Ogilvy . Many advantages result from this arrangement . The first and greatest is uniformity of assessment . All sugars are submitted to the decision of the same officers , under the same circumstances of ligfct , &c . The consequence is that , whereas formerly appeals to the Board against , the assessment of the officers was ( sic ) very frequent , such a thing now scarcely occurs once a

      quarter . With the grammar and defective education of the Commissioners we shall not trouble ourselves , but it is made plain by the extract that the principle of taxing an article according to its quality , and ascertaining that quality by samp les in a room which does not appear to be artificially lighted for the purpose , and , therefore , will be subject to varying

      lights , these samples being drawn at a distance and their value decided by the judgment of men affected like others by an east wind or a bad dinner , is pregnant with much hardship and much injustice . It is possibly open also , like other Government contrivances , to not a little bribery , and may be taken as a sample of the inconvenience of customs duties even when regulated by modern care and skill .

      Our contemporary , the Financial Reformer seems to think that " able men" the middle class , as Inland Revenue and other commissioners , might manage these matters better , but the present sugar duties are a specimen of what such " able men" can effect . The late Secretary of the Treasury has a great reputation for ability—his City reputation in other respects is no concern of ours . Ho probably directed till his energies to form these sugar duties , and the result is ti system which tho Financial Reformer very justly condemns . The conclusion to which we arc brought by this failure is ,

      that the system is radically bad , and that directing great abilities to work it out , instead of altering its nature , makes it utterly intolerable . Disregarding , on this point , all Treasury and Custom-house authorities , wo say it is the duty of the mercantile classes to obtain a sweeping abolition of Customhouse restrictions and Custonir-houao duties . We have adduood facts to show that they should disregard tho sycophantio cry that tho Government must have a revenue , except it bo a revenue proportioned to its dutiesnot to tho

      , whims and tho extravagances of Chancellors of tho Exchoquor and their toadies . " I must live , " said tho thief . " I do not seo the necessity , " said tho chef do police , and hanged tho man for robbery . So when Government says , "I must have a rovenuo to kpop up my extravagance , " lot us answer , "Wo do not seo tho necessity : wo will most willingly enable you to pay tho dmuowtta on tho debt , to support tho army and navy , and the courts of justice , but wo will not allow trade to bo , taxed to enrich political qiuwka and encourage poUtictvl quaokory . 'f

      Ritvl?R&Gt; \ T Td A T\T7 Pfphrt (Jjlinmlal Lkajjh Liliulil

      produced an improvement the prices of those descriptions . The demand has since been satrfmed , but prices remain firm at the advance . The full prices of last week have also been obtained for T-cloths and lorig-eloths , but business in them has bee . n languid owing to makers being- unwilling to make concessions . The business of the week has , however , been considerable , but there has been no' excitement in it . Export yarns remain firm . German buyers are only giving out orders of immediate urgency , the prices required preventing any speculative movements from that quarter . To-day the prices of cloth of all kinds were steady and firm , and there was no material change in business . The state of the Liverpool cotton market prevents spinners and manufacturers from lowering their terms , occupied as they are largely upon contracts of some duration .

      The Blackburn market on Wednesday was , on the whole , rather in favour of buyers , particularly for No . 40 ' s yarn and the lower descriptions , but the finer descriptions sold pretty well , with a turn in favour of sellers . The average amount of transactions was , however , scarcely maintained . The Leeds cloth markets this week have shown no change . The sales have been considerable , and quite equal to a full average in times of brisk trade , particularly of winter goods . Light fabrics for ladies' cloaks and mantles are in good demand .

      At Bradford , on Monday , the wool market was in nearly all respects the dullest for some time past . But it was exceptional . Production of yarns still goes on , and nothing can prevent it so long as spinners possess stocks of their own of the raw material . Noils and brokes commanded a fair sale . Spinners are fully employed with orders , and they are producing little or nothing on speculation . Little has been done in yarns except for Russia , for which large orders have been given out . Cotton warps firm . With respect to goods , the demand for winter descriptions is satisfactory both from home and export houses . Indeed the manufacturers have as many orders as they can execute . There are complaints , however , about unremunerative prices , owing to the high price of wool . Yesterday the market was good , and prices tended upwards , especially as the advices from Leipsic fair were favourable .

      London , Friday Evening . There is not much change to report in the general condition of trade . Here and there we perceive fluctuating movements , some of them slightly adverse , but they are neutralised or counterbalanced by favourable currents elsewhere ; so that , upon the whole , the commerce of the country may be described as having arrived at a very satisfactory stage , inasmuch as it is regular , and only liable to ordinary casualties . The uoxt mnvpmpnt will be upward again when the present quiet period shall have passed away . This may be inferred from the character of the demand for most of our manufactured

      productions , the change of the season , and the firm prices required for every description of raw material . These are alJ elements of improvement . The cotton manufacture , notwithstanding that a slight conces ^ sion in prices has been made , is healthy ; and the trade would unquestionably become more active if the price of cotton relaxed , but of that we see no present prospect . Still the wants of the putjjic , both at home and abroad , are indefinite , and if they are to be supplied at all the natural prices must be

      paid . The woollen and worsted trades are prosperous though raw wool is dear and scarce ; and the production of linen , or tho demand for it , is not checked by the advancing prices of flax . The iron and hardware branches are decidedly improving . We repeat , therefore , that though we may how have a short period of comparative quiet after the late return of activity , that quietude will be only the forerunner of renewed vitality ; and that our prospects for the rest of the year , and for a considerable slice of the next , are as favourable as they can be .

      Money remains abundant and cheap , and the supplies will be further increased in the course of next weok by the dispersion of the dividends . After provision had been made for the acceptances at maturity on the 4 th , which naturally caused some increase in tho demand , the inquiry subsided , and the applications now are upon a very small scale indeed . As we have previously stated , trade does not now requiro any material assistance from the Money Market ; its own soundness is its best support . Except among tho bill-brokers , the Stock Exchango speculators , and some of the banking interests , no disappointment waa felt , yesterday at tho resolution of minimum

      tho Bank Directors to maintain tho existing of 3 por cent . Somo of thoso interests certainly wore annoyed , and they aro now urging tho Court to abandon tho practice of fixing a rate at all , and to deal with their means according to tho laws of supply and demand , at tho bost rates they can obtain . Wo doubt whothcr tho suggestion will bo ing care of money capitalists , it is to bo tempted , as accented . At all events , it is a practical confesalqu . that as trade dooa not require tho fostorfaras possible , to withdraw from its present safe condition . The time for that has not yot arrived , nnd it is apparently at somo distance . Wo noticed in our last that business on the previous day had rallied from tho temporary dop , rcsa , ion of Tuesday , and . that the brisk ( jeraanfl for goods

      The worsted trade of Halifax is experiencing a steady and full demand , both goods and yarns being freely sold , though there is not much apparent briskness . Wools are firmly held . Spinners , owing to the priceo reauiredj purchase only for immediate use . This policy has hitherto been , found to sustain prices rather than otherwise * and it is one cause of the complaints of manufacturers of the narrowmargin of their profits ; but fears are expressed that unless the raw material becomes cheaper , powerlooms and spinning-frames will be less at work .

      At Huddersfield , although there is no new feature to notice , there has been a steady but not a brisk demand for goods , principally for winter use . The warehouse business—that is , business done without reference to the regular markets—has improved during the week . Wool has been in active demand . The consumption throughout the district is very large , and it is increasing . Stocks consequently are much reduced , and prices are well maintained . The manufacturers of woollen and Bedford cords , winter overcoatings , and smart fancy trouserings , however , continue to be busily employed with orders on hand , and large quantities of these goods are being regularly delivered direct from the manufactories . In

      qords almost every variety of shade is being required , although the colour most in demand is a stone drab in a 4 s . quality . In winter overcoatings , which are being extensively manufactured this season by several of the principal houses here , the choice is still for self colours or plain mixtures ; while the fabric varies in appearance constantly , and passes under different names : Varna , Pulmerston , Kinburn , &c ., being used to designate the various differences of " make . " In price these goods usually range from 8 s . 9 d . to 10 s . 3 d ., according to weight and colour . Several of the manufacturers bore have already brought out their pattern ranges for next

      spring and summer , and these , so far as wo have boon able to ascertain , have met with considerable success , orders for favourite styles being readily given by merchants hero . These consist for the most part of neat mixture twist grounds , with narrow borders , and have a much smarter appearance at the price than the majority of last summer ' s stylos . The plain goods trade here docs not yot show any decidod signs of improvement , although there is every probability of a further advance in tho value of good wools at no distant date . Tho country trade is still quiet , although slowly improving . Tho shipping demand for low goods in this market has rather fallen off .

      At Rochdale tho wool majrkot on Monday was irregular . Somo holdors thought ; that prices had attainod thoir maximum , and they wove ( disposed to relax In' thoir terms ; hnt othors wore firm and refused to take lower prices . * A good business was

      Untitled Article

      T H E L E A D E suitable for India had in ^ o 4 , 46 . October 99 1858 . 1 . fr . 1075

      Untitled Article

      GENERAL ' TRADE REPORT .

      Untitled Article

      QUANTITIES versus VALUE . f ( To the Editor of the Leader . ) gIE )—In the Leader for 2 nd October you have , under the head of " Quantities v . Value , " referred to an aspect of tho Board of Trade returns which well deserves attention—the relations of the quantities and weights , as well as of the values . This consideration equally affects imports , exports , and our shiing trade . I have before now pointed out

      pp the necessity of the Board of Trade giving us better materials for comparison . Something lias been done lately , but the want of uniformity in the returns subjects the inquirer to complex calculations to obtain a result . Thus , there are articles , returned in lbs ., bushels , cwts ., and tons . Take copper : copper ore and regulus are returned in tons , copper in cwts . As far as possible all articles should be brought to the ton unit . .

      In the returns of exports and imports of copper ore and regulus the two articles are mixed together , so that the copper contents cannot be approximately ascertained ; yet regulus seldom falls below 50 per cent ., or ore below 20 per cent ., the average for the former varying about GO per cent ., and for the latter about 30 to 25 per cent . Iron is given in tons , copper and tin partly in cwts . ; and the same anomalies and irregularities are to be traced throughout . I am , Sir , your obedient servant , « . Hyde Clarke . 4 = 2 , Basinghall-street , Oct . 4 , 1858 .

  • Citation
    • Leader (1850-1860), Oct. 9, 1858, page 1075, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2263/page/27/