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¦ No; 445, October 2,1858.] THE LEADER.
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-« QUANTITIES FEBSUS VALUE. THE ACTUAL D...
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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.
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Scinde. The Half-Yearly Meeting Of This ...
ships drew from 17 feet to 22 £ feet of water , and ranged from 400 tons to 1850 tona burden . The importance > -of the Scinde Railway in cutting off the delta of the Indus . could hardly be sufficiently appreciated . He then read an extract from a letter which stated that it would make Karrachee one of the chief cities of India . Independent of the great commercial advantages , its value as a military work would be great , facilitating communication from place to place on the route , and enabling one man to » do the work of ten men . He then adverted to the resources of the district and the vast increase in the traffic of that part of India , notwithstanding the present tedious and imperfect mode of conveyance . In estimating- the he Scinde
gross traffic in 1853 that would pass over ^ Kail-way it was fixed at 40 , 000 tons , but now it was ¦ estimated at 100 , 000 tons . The trade in wool , cotton , and other articles had very much increased . The settlement of representatives of Bombay houses and of Manchester men in Kurrachee had tended to increase the importance of the place . The Commissioner in Scinde had strongly advised the authorities that the company should be authorised to survey the country between Hydrabad and Deesa , so as to connect Scinde with Cruzerat , and Kurrachee with Bombay , and they had been again referred to on the subject . He thought , at . all events , if constructed , it would form an important feeder to their line . There was another line proposed
which had been recently surveyed from Sukkur via Shikafpoor to Jacobabad , towards Dadur , near the Bolan Pass . The plans , sections , and estimates had been drawn up by Mr . W . Brunton with much care , and it appeared there were no engineering difficulties of any kind . The military and political advantages of the line were obvious , and it was the ancient' route of Central Asia . The traffic on that line was estimated at 200 , 000 £ per annum . There were from 40 , 000 to 50 , 000 tons of goods per annum conveyed over that ro . ite . With regard to their Indus steam flotilla , they first thought of constructing six steamers and twelve supplemental barges , but the problem of the best boat had yet to be solved . Several plans had been submitted for adoption ,
and there was a boat now nearly completed , and she ¦ would be practically tested next month as to her fitness for the intended service on the Indus . The profits of the boats employed on the Indus were enormous , although in many respects . they were necessarily ill suited to the navigation of the river , having to pass from smooth water to the intricate navigation of the delta , and then to encounter the ocean swell on their passage to Kurrachee . This , would , of course , be avoided by means of the Scinde Railway , and their flotilla would have merely to traverse the smooth water of the river above the delta . He believed this part of their scheme would yield a '" M " return . With xegard to the Punjab Railway , tlie surveys had been completed . "They had ordered two
steam tugs to take up the materials to a place opposite Umiitsir , and had ordered their agents at Kurrachee to send up materials sufficient for making the portion of the line from Umritsir to Lahore with a view to complete it as soon as possible . Materials would be immediately sent out to replace those sent up the Indus for the purpose named . The reason they had selected the making of the upper portion of the Punjab Railway first was , because it would connect two of the most important cities in India . Upwards of two hundred carriages plied for hire between those places , and the xoad was more like the high street of a country town than an ordinary road . The completion of the line there would not only yieftt a good return , but would make a favourable impression on the inhabitants . The population of Umritsir was active and enterprising ;
there were seventy large wholesale firms in the city , and it was a place of considerable importance . There were nine roads converging to it , and it was thought when the inhabitants experienced the benefits of a cheap , easy , and rapid communication that much good would bo the result . The length of this portion would bo thirty-two miles , and it was an object which the late Sir II . Lairxence had set his heart upon accomplishing some years ago . Although they could open that portion of the lino in two years hence , still the great lino to Mooltan would in the mean time be proceeded with . Sir J . Lawrence had recommended the surrey of the lino from Lahore to Peshawur , and it appeared that great advantage would arise from appropriating a portion of the groat trunkroad between those places to the purposes of the railway . The road had cost 400 QJ . a mile , anil if the railway company could get half of it the saving would be enormous .
Sir H . Haddock thought the undertakings in which they were engaged would give them a complete monopoly of the trade between linropo and the central parts of India . When the extensions were made to Pealmwur ¦ and the Bolun Pass , they would convey the whole of the trade ( Vom Europe , vid Kurrachoo to Central Aaia and Northern India , He expressed his surprise mid astoiiiahmont that the 5 por cent , atook of thoir railway should bo quoted so vory low in the market , bulng only ¦ a bout par , while the India 4 por eont . stock was at a premium . He could see no difference In , the nature of the security .
Mr . Borradallo was not at all surprised . Ho believed it had arisen from more of the stools being thrown on Hie market than the market would bear , and had no rotoroneo to Us Intrinsic value . The iHdiu bonds wore
a banker ' s security , while the other was not . The creation of new stock had the effect of depressing the market price . Mr . Goez wished to know the estimated cost per mile of the Scinde and Punjab Railways . The Chairman said the cost of the Punjab Railway was estimated at 6628 / . per mile , but he ¦ thought . 80 . 00 * to 10 , 000 ? . would be nearer the cost , including rolling stock . The line was very easy of construction , some of the sections being straight for distances of 30 or 40 miles . Labour was abundant , and the people were robust and able to work . i 5 \ * 1
Mr . F . G . Goodli ' ffe thought the construction of extensions and branches would have the effect of reducing the value of their stock in the market , because such things had proved disastrous to English railways . But , so far as a comparison of 5 per cent , guaranteed Indian stock with the ordinary Indian bonds was concerned , he would prefer the former to the latter , because they had not only the guarantee , but a tangible and useful property in their possession in case the guarantee should fail from any cau 3 e . After some observations from Mr . Wilde and General Wright , the report was received and adopted . p On the motion of General Wright , seconded by Mr . Borradaile , a vote of thanks was passed to the chairman and directors , and the meeting separated .
¦ No; 445, October 2,1858.] The Leader.
¦ No ; 445 , October 2 , 1858 . ] THE LEADER .
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-« Quantities Febsus Value. The Actual D...
- « QUANTITIES FEBSUS VALUE . THE ACTUAL DEfcLINE OF OUR TBADB . To repair the omission which , the pressure of other matter imposed on us last week , we now proceed to make some remarks on our trade as developed through two-thirds of the year . The subject is spoken of more lugubriously than the facts warrant . A hasty glance is cast over the trade tables , the decline in the value of our imports in seven months , the latest return , is seen to be 13 , 127 , 010 / ., and of
our exports in the same period 8 , 5 ( 50 , 122 / ., and an unfavourable conclusion is instantly adopted . When this is tested by the quantities of goods imported , it is found to be at least exaggerated if not wholly without foundation . On this question , as on malry others , the mere measure of wealth is substituted for wealth itself , and men are delighted or alarmed at mere nominal changes , while the real substance of welfare undergoes no other alteration than a progressive improvement . We must beg leave , therefore , to enforce the opinion , we have previously announced , that quantities as well as value deserve the attention of the public .
To the individual merchant the price or value of commodities is all important . A rise or fall of 10 or 12 per cent , in the value of those he holds , or has ordered f rom abroad , may make him a millionnaire or a beggar ; but to the nation it is of no consequence whether its corn , timber , cattle , & c , be valued at 100 , 000 , 000 or 1 , 000 , 000 , 000 provided the quantities and qualities expressed by the lesser sum equal the quantities and qualities expressed by the greater . A quarter of wheat at 80 s . or an ox at 10 / . supplies no more food than a quarter of wheat at 40 s . and an ox at 5 / . Accordingly , though the speculative prices of last year diifer from the present uninflated prices to the extent , on the
. that the quantities of goods exported form a better criterion of the amount of employment than the value of the " exports . We therefore mean to iaquire into the condition of our trade through the quantities of our imports and exports , as well as through their value . Taking our imports first , let the reader just cast his eyes over the following table , and he will see that they have been , on the whole , nearly as large in 185 Sas in 1857 . — TRADE OF EIGHT MONTHS . Some Imports more in 1858 than Re-exported . Abticles . in-1857 i 1857 . 1 S 58 . 1857 . 1858 . Cocoa lbs . 5 . 673 , 579 7 . 811 , 036 j Coffee „ 30 , 282 , 706 42 , 863 , 930 , 9 , 475 , 724 19 , 154 , 797 Wheat qrs . 1 , 857 , 527 3 , 120 , 216 60 , 109 3 , 229 Flour cwts . 1 . 245 , 280 3 , 039 , 855 77 , 093 6 , 769 Cotton „ 6 , 327 , 417 6 , 787 , 814 1 , 000 , 542 782 , 152 Hemp „ 237 , 133 392 , 373 Jute ,. 370 . 430 424 , 079 Rice „ 1 , 560 , 340 2 , 518 , 315 1 , 076106 733 . 694 Sugar unref . 5 . 166 . 297 5 , 516 , 243 171 , 091 157 , 841 Tea ........ lbs . 47 , 441 , 802 48 , 621 , 191 6 , 411 , 011 4 , 371 , 355 Less in 1858 . Animals : oxen .. No . 28 , 299 j 24 , 813 [ — sheep .. „ 79 , 44 S ! 66 , 302 ! Flax -. cwts . 1 , 026 , 175 684 , 463 Goat ' s hair lbs . 1 , 517 , 188 763 , 276 Hides cwts . 511 , 227 388 , 076 125 , 171 157 , 139 Silk : raw Ibft 7 , 371 , 395 3 , 745 , 073 1 , 361 , 313 1 , 505 , 974 thrown , 475 , 627 250 , 901 204 , 242 271 , 562 Spirits gals . 6 , 720 , 316 5 , 2 * 7 , 831 2 , 320 , 195 1 , 780 , 209 Tallow ...,,. .. cwts . 486 , 397 4-J 6701 Timber-sawn . .. Ids . 576 , 808 470 , 205 — not sawn „ 554 , 355 437 , 786 Wine .. gals . 6 , 734 . 105 3 . 756 , 847 Wool .... ¦ lbs . 80 , 983 . 8-27 77 , 549 , 151120 , 557 , 926 : 19 , 043 , 462 We have added to the imports the quantities of some articles re-exported , and the reader will see that of most of them these were less in . 1858 than in 1 S 57 , leaving more for our use . Coffee is an exception , but the increased exports leave more for use in 1858 than in 1857 . Of hides and silks we have imported less , and exported more , than in 1857 . The total value of our imports in the first seven months of the year was 71 , 625 , 6327 . against 84 , 752 , 642 / . in the seven mouths of 1857 ; a decline of 13 , 127 , 019 / . But against this reduction we must set 5 , 923 , 900 / . as the value of the precious metals imported in the seven months of 1 S 58 , more than in the seven months of 1857 . This reduces the excess of value in 1857 to 7 , 203 , 110 / ., or about Sh per cent ., while the general decline o price " was 20 per cent . ; giving us good reason to conclude that our imports in 1858 have exceeded in . quantities the imports of 1857 . All the articles imported , whether they be in excess or deficiency in 1 S 5 S , have fallen in value since 1 S 57 , and we have taken the trouble to calculate the per-centage proportions of the quantities and the values . Thus we find , in the first seven months , that the increase in the quantity of coffee imported was nearly 50 per cent ., while the increase in the estimated value of the whole was only 31 per cent , j so of wheat , the increase in the quantity is 70 per cent ., and in value only 30 . The increase in the quantity of cotton imported is 4 per cent ., and the estimated value has fallen 4 per cent . So sugar increased in quantity 7 per cent ., and fell in value 36 per cent . ; and wool increased in quantity 2 por cent ., and fell in value 10 . Similar facts are found to hold good of flax , hemp , iute , hides , oil , silk , spirits , timber , wine , & c , witli the only difference that where the quantities have decreased the value has decre ^ ed in a greater proportion . The decrease in the quantity of nides , for example , is 47 per cent ., but the decrease in the value is 200 per cent . In fact , therefore , in proportion to the sum paid , we have got more commodities in the present year than in the last . ¦ We have also examined the quantities of our exports in conjunction with their value , and we find that cottons and cotton yarns increased severally in quantity , in the eight months of 1858 , 8 and 9 por cent , as against 1857 , while they increased in value only 3 and 7 per cent . The quantity of linen , yarn exported increased 7 per cent ., and the value docllnou 2 per cont . Again , those articles of which , tho quantities exported were less , declined in valuo still more . Thus , hardware declined in quantity 21 per cent ., in value 30 ; wrought leather deolineij iu quantity 21 por cont ,, and in value SO ; Hjg iron 'declined in quantity 12 per oont , and in value 43 '} wooUons declined in quantity ii > P ° r ocut ., and iu valuo 25 . , Tho grout reduction , tiicroforo , iu the eight months , of ( ho valuo pt our e . v ports , 0 , 070 , 154 / ., was not acoompamod by an equal reduotion in tho quantities oi goods exported ,
average , of about 20 per cent ., the country may bo better supplied with commodities now than then . The falling off in the value of our imports in the seven months is about 154 por cent ., but if there be no similar reduction in quantities , our import trade is in reality greater in 1858 than in 1857 . Provided the quantities bo equal the reduction in value is beneficial to tho consumer . To tho importer or producer of particular articles the reduction may be injurious ; but we are all consumers , and only a few are producers or importers of any one article . To reduce valuo is to reduce price , cost , or trouble ; it is tho great object
aimed at by all inventions to improve or economise labour ; it is brought about by competition- ;; it is tho consequence of a favourable season ; it is , therefore , a blessing for all , in which oven the produoor and tho importer ultimately share . In oxamining our imports , -therefore , wo must look at the quantities iu conjunction with tho estimated value , or wo shall commit a great blunder . Tho samo rule hoiils good with our cxpori . 3 . Their declared valuo is hem to be a criterion , of tho omploymont ^ of the , people . - 'As the ' ro is loss , value exported , it 19 concluded that thoro aro less goods mado . Now thoro is in 1858 , as against 1857 , a larger quantity of liucn-yam exported , and tho Valuo is loss ; and by this instance , wo at once see
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Citation
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Leader (1850-1860), Oct. 2, 1858, page 23, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_02101858/page/23/
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