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*r» .AM OrrroMR 9, 1858.1 THE LEADER. 10...
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GENERAL TRADE REPORT. London, Friday Eve...
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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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Taxes On Trade. So Much Is Still Said Of...
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 eaual to white clayed , 16 s . ; not equal to white clayed , 13 s . lOd . ; not equal to brown clayed , 12 s . 3 d . Just in . these , proportions , therefore , the law discourages thejfc importation 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 ol the less valuable article , which requires more tonnage td 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 twenty years after the proclamation ci free trade we pass and maintain as to sugar a law ¦ wliich is a complete violation of those principles . That this law has given and still gives 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 subjected to the inspection and judgment of two or three 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 light , & c . The consequence is that , whereas formerly appeals to the Board against , the assessment of the officers was ( sjg ) 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 samples 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 i » cn" 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 a system which tho Financial Reformer very justly condemns . The conclusion to which we are brought by this failure is , that the system is radically bail , 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-houso duties . We have adduood facts to show that they should disregard tho sycophantio cry that tho Government must aye a revenue , oxcot > t it bo a revenue proportioned to its duties , not to tho whims and tho extravagances of Chancellors of tho Exohoquor and their toadies . " I must livo , " said tho thiei . " 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 dmuowtb on tho debt , to support tho army and navy , and the courts of justice , but wo will not allow trado to bo , taxed to enrich political quaoks and encourage political qunoJkory . 'f
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 the 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 shipping trade . I have before now pointed out the necessity of the Board of Trade giving us better materials for comparison . Something has 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 . 42 , Basinghall-street , Oct . 4 , 1858 . , . ;
*R» .Am Orrromr 9, 1858.1 The Leader. 10...
* r » . AM OrrroMR 9 , 1858 . 1 THE LEADER . 1075
General Trade Report. London, Friday Eve...
GENERAL TRADE REPORT . 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 next mnvpmfirit 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 public , 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 now 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 tho dividends . After provision had been made for the acceptances at maturity on tho 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 require 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 tho banking interests , no disappointment was folt yesterday at tho resolution of the Bank Directors to maintain the existing minimum of 3 por cent . Somo of those interests certainly were annoyed , and they aro now urging tho Court to abandon tho practice of fixing a rato at all , and to deal with thoir moans 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 confession that as trado doos not require tho fostcrfnr as possible , to withdraw from its prosent safe condition . Tho time for that has not yot arrived , and It is apparently at somo distance . Wo noticed in our last that business on tho previous day had rallied from tho temporary dopresaion of Tuesday , and that the brisk <| eraan . < 3 for goods
suitable for India had produced an improvement in the prices of those descriptions . The demand has since been satisfied , 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 . 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 narrow margin 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 hero 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 prico 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 trado is still quiet , although slowly improving . Tho shipping demand for low goods in this market has rathor fallen off . At Rochdale tho wool inajrkot on Monday was irregular . Somo holdors thought ; that prices had attainod thoir maximum , and they wore disposed to relax in thoir terms ; but othors wore firm and refused to taho lower prices . * A good business was ,
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Citation
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Leader (1850-1860), Oct. 9, 1858, page 27, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_09101858/page/27/
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