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ships drew from 17 feet to 22 £ feet of water , and ranged from 400 tons to 1850 tons 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 Kurrachee 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 plaee to place on the route , and enabling one man to do the work of ten men . He then adverted to the resources of tlie district and the vast increase m the traffic of that part of India , notwithstanding the present tedious and imperfect mode of conveyance . In estimating the cross traffic in 1853 that would pass over the Scinde liaihvay 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 Guzerat , 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
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 8000 / . to 10 , OOOZ . 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 . . _
Mr . F . G . Goodliffe 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 cause . ^ After some observations from Mr . Wilde and General Wrightthe report was received and adopted .
, On the motion of General Wright , seconded by Sir Borradaile , a vote of thanks was passed to the chair man and directors , and the meeting separated .
Shikarpoor to Jacobabad , towards Dadur , near the Bolan Pass . The plans , sections , and estimates had been drawn up by Mr . W . lirunton with much care , and at 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 an 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 y ield a large return . With regard to the Punjab Railway , the surveys had been completed . They had ordered two steam tugs to take up the materials to a place opposite
Umritsir , 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 snaking 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 road was more like the high street of a country town than an ordinary road . The completion of the line there would not only yield a good return , but would make a favourable impression on the inhabitants . The population of Umritsir wns active and enterprising ; there were seventy largo wholesale firms in the city , and
it was n place of considerable importance , lucre 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 Into Sir II . Lawrence had se . t his hoart upon accomplishing somo years . ago . Although they could open that portion of the line in two years henco , still the great lino to Mooltan would in tho moan time bo proceeded with . Sir J . Lawrence liad recommended tho survoy of the lino from Lnhoro to l ' eshawur , and it appeared that groat advantage ' would arise from appropriating u portion of the groat trunkroad between those places to tho purposes of the railway . Tho road had cost 4000 J . a mile , and if tho railway company could get half of it the saving would bo enormous .
Sir H . Maddock thought the undertakings in which they wore engaged would give thorn a complete monopoly of tho trade botwoon Europe and tho central parts of India . When tho extensions wore made to Poshnwur and , tho Bolan Pass , thoy would qouvey tlio whole ot tho trade from Europe , viA Kurrachoo to Central Asia ond Northern Iiulin . Ho expressed his surprise iind « stoniahinont that the 5 per cont . stock of their railway ¦ should bo quotod so very low in tho market , buing only . nbput par , while tho India 4 per cont . stock was at a premium . Ho could see no difleronco in tho nature oi the . security . ' ¦ . ¦
Mr . Borradallo wns not at all surprised . Ho bollovod it had orison from more of tho stock being thrown on tho market than tho market would boar , and hud no rol ' oronco to its intrinsic vftluo . Tho India bonds woro
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^ QUANTITIES VERSUS VALUE . THE ACTUAL DECLINE OF OUR TRADE . 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 , 0 ] 0 / ., and of
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 inquire 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 lS 58 as in 1857 : — TRADE OF EIGHT MONTHS .
our exports in the same period 8 , 566 , 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 many others , the mere measure of wealth is substituted for wealth itself , and men are delighted err alarmed at mere nominal changes , while the i * cal 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 from 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 803 . 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 differ from the
present uninilated prices to the extent , on the average , of about 20 per cent ., the country may bo better supplied with commodities now than then . Tho falliug off in the value of our imports in the seven months is about 15 ^ per cent ., but if there be no similar reduction in quantities , our import trade is in reality greater in 1858 than in 1 S 57 . Provided the quantities be equal the reduction in value is beneficial to the consumer . To the importer or producer of particular articles tho reduction may be injurious ; but we arc all consumers , and only a few arc producers or importers of any one article . To rcuuoe value 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 consoquenco of a favourable season , ; it is , therefore , a blessing J ' qp all , in which even the producer and tho importer ultimately share In examining our imports , therefore , wo must look at tho quantities in conjunction with tho estimated value , or wo shall commit a groat blunder . Tho same rulo holds good with our exports . Their declared value- is hold to bo a criterion of tho employment of tho people . As there is less value exported , it is concluded that thoro are loss goods made . Now there is iu 1 S 58 , as against Ib 57 , 'a larger quantity of linen-yarn exported , and tho value is less j and by thia instance , we at once seo
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v . AM .. October 2 , 1858 . 1 THE LEADER . 1039
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Some Imports ; more in 1853 than He-exported . Articles . in 1857 . | 1857 . 1 S 5 S . I . 1857 . 1858 . Cocoa lbs . 5 , 673 , 579 7 , 811 , 036 ; 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 , 1552 Hemp „ 237 . 133 392 , 373 | Jute 370 , 430 424 , 079 J Bice 1 , 560 , 340 2 , 518 , 315 ! 1 , 076106 733 . 694 Suaar unref .... „ 5 , 166 , 297 5 , 516 , 243 J 171 , 091 157 , 841 Tea . lbs . 47 , 441 , 802 ) 48 , 621 , 1911 6 , 411 , 011 4 , 371 , 355 Less in 1858 . Animals -. oxen .. No . 28 , 299 , 24 , 813 j sheep .. „ 79 . 443 66 , 302 ; Flax cwts . 1 , 026 , 175 684 , 463 ; Goat ' s hair lbs . 1 , 517 , 188 763 , 276 ; „„ - „„« Hides cwts . 511 , 227 3 S 8 . 076 125 , 171 157 , 139 Silk : raw lbs . 7 , 371 J 895 3 , 745 , 073 1 , 361 , 313 1 , 505 , 974 thrown , 475 ! B 27 250 , 901 204 , 242 ] 271 , 562 Spirits gals . 6 , 720 , 316 5 , 247 . 831 2 , 320 , 195 1 , 780 , 209 Tallow . ; .. cwts . 48 * 3 , 397 436 . 701 Timber : sawn . .-Ids . 576 , 308 470 , 2051 — not sawn „ 554 , 355 437 , 786 ! Wine gals . 6 , 734 . 105 3 . 756 , 847 Wool lbs . S 0 , 9 S 3 , 327-i 77 , 549 , 151 ' 26 , 557 , 926 19 , 043 , 462
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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 1 S 58 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 y 632 / .. against 84 , 752 , 642 / . in the seven months 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 1858 , more than in the seven months of 1 S 57 . This reduces the excess of value in 1857 to 7 , 203 , 110 / ., or about 8 £ per cent ., while the general decline of 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 1857 , 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 m the estimated value of the whole was only 31 per cent . ; 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 per cent ., and fell in value 10 .- Similar facts are found to hold good of flax , hemp , jute , hides , oil , silk , spirits , timber , wine , &c , with the only difference that where the quantities have decreased tho value has decreased in a greater proportion . The decrease in the quautity of hides , for example , is 47 per cent ., but the decrease in tho value is 200 per cent . In fact , therefore , in proportion to the sum paid , wo havo got more commodities in the present year than in tho last .
We have also examined the quantities of our exports in conjunction with their value , and we find that cottons and cotton yauns increased severally in quantity , in the eight months of 185 S , 8 and 9 per cent , as against 1 K 57 , while they increased in value only 3 and 7 per cent . The quantity of lineu yarn exported increased 7 per cent ., and tho value declined 2 per cent . Again , those articles of which the quantities exported were less , declined iu vnluo still more . Thus , hardware declined in quantity 21 per cent ., in value 30 ; wrought leather iloelinod in quantity 21 per cent ., and in value 30 ; pig iron declined in qunitfitv 12 per ocnr , and in value 43 ; woollens declined in quantity IS per cent ., and in yuluo 2 a . Tho grout reduction , therefore , 'in tho eight mouths , 'ofi'ihe vnluo pt oUr ox ports , 9 , 070 , 151 / ., was not accompanied by an oqual reduction in the quantities ot goods exported ,
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Citation
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Leader (1850-1860), Oct. 2, 1858, page 1039, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2262/page/23/
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