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Leader (1850-1860), 27th November 1858, Edition 1 of 2, Page 1296, Untitled Article

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      Untitled Article

      trade so stimulated , requiring a greatly increased quantity of shipping for its purposes in addition to the purposes of trade , is to be much regretted . We may justly commiserate the shipowners who were , by political as well as mercantile causes , excited into unwonted exertions in 184 o-6-7 , but we must not think of assenting to' their prayer for relief by reimposing' any restrict ions whatever on oar trade . These would only prolong the declension of trade , and add in the end to their sufferings . A very important fact just now , when the customs revenue in Prance and in the United

      States is falling off , is that the consumption of almost every article , except corn , spirits , and timber , subject to our customs duties , has increased in October , 1858 , as compared to October , 1857 ; and the consumpti on of articles subject to customs duties , with the exception of clocks and watches , provisions , spirits , timber , wine , & 3 ., has increased through the whole ten months . According to a rough calculation , the increase of customs revenue from com and flour , sugar and tea alone , in the ten months , from increased consumption , will not be less than 800 , 000 / . The bulk oi our customs duties , it must be remembered , are levied for revenue only—the idea of levying such duties for ¦ ¦

      protection is given up , though the practice is still unhappily continued on many articles in a manner wholly indefensible—while the whole of the customs duties in . the United States and many customs duties in France are levied solely on the principle of protection . Contrasting , therefore , the continued increase of our customs duties with the great falling off in these two other countries of customs duties , we see a strong bureaucratic reason , independentl y of the public welfare , why customs duties for protection should be given up . The state where they are levied cannot rely on them for a continuous and steady revenue . They subject the treasury to alternations of plethora and void , which involve the Government In a career of

      extrahave frequently made , that our impolls declined more in value than in quantities , and now that the decline in value has ceased , they are found to be as great or greater than in 1857 . We must add , to guard ourselves from the chance of error being imputed to us , that the trade tables contain two returns of the computed value of imports to the end of September , % ut one is of all merchandise imported , and the other of the principal articles imported . The former gives 114 , 799 , 194 / . as the value , and the latter 95 , 378 , 609 / . We have used the latter because it is accompanied by a return of the value in the month , which the other is not . The great difference between the two amounts surprises us , and shows how little dependence can be nlaeed on one of the returns as a representation of ¦¦¦ ¦ ¦ ¦ l Mfc

      ^^^|| , mg ^ M ^^ ^ f ^ ^ J ^^ ^^ ^ ^^^ V ^** ^ fc ^^^ K * M ^ fc m ^ ^^ ^^ ^* ** » tf A * ** W ^ V ¦ ^^ *^ ^^ K the trade of the country . We must further add , to show the continual general prosperity of the people in conjunction with the increase of pur customs revenue , that the excise returns for nine months , now published , show , in spite of the credit convulsion , only a small decrease in the quantities of malt , spirits , and paper consumed in 1858 , as compared to 1857- The reduction in . the quantity of paper is partly due to the general use of paper of a less substantial character , which reduces the number of pounds reported to the excise , while the number of sheets used is probably much greater . Tbe distribution of our trade to different countries ¦ which these returns enable us to decribe , will furnish an appropriate article for our next number .

      vagance at one time and oppression at another . According to the return of the French customs revenue for October , 1858 , the yield is l , 450 , 7 S 2 fr . less than on the corresponding month of 1857 . In the ten months of 1858 , the yield is 5 , 845 , 744 fr . less than in the ten months of 1857 , about 3 $ p _ cent . In the United States also , the Federal income , raised almost who lly from indirect taxation , has fallen off so much , not less than 50 per cent ., that the Government has run into debt , and now means , it is said , to levy taxes on tea and coffee . These facts suggest an additional doubt , in spite of the

      of our own increasing revenue , pro-Sriety of still relying on indirect taxation . In ounshing periods , the large income induces Government to embark in numberless schemes of amelioration or supposed improvements . It rebuilds cities , it makes grants to learned bodies , it gives bounties on mail steamers , it enlarges profusely postage accommodation , it increases its own functions and its own rewards , it is lavish of the public money , in order to make the expenditureon a too weft-known principle of all Governments and all spendthrifts—equal to the income ; and when a time of depression comes , its expenses

      cannot be diminished , and it is loudly proclaimed that the necessities—the absolute necessities—; of ^ the Government require additional taxes . So indirect taxation , by encouraging extravagance , in the end imposes additional and unnecessary burdens on the community . Incorrectly does the 2 'imes , one of the advocates of wanton expenditure , say , " Reduction of taxation has been carried to such an extent in . the United States , that the revenue begins to cry out . " Some alterations have within a year or two been made in the American tariff , but no reductions of taxation of any importance , since the revenue was amply sufficient for the purposes of the Government . It could not expend it all , though its expenditure was much increased . Not

      reduction , of taxation , but extravagant expenditure when the customs revenue from trade was double its present amount , is the cause of the present difficulties of thq Government of the United States . To us its dilemma ought to be a warning . Let us reduce our outgoings m good time . The value of the principal imports -we must further remark , as enumerated , up to the end of September , was 95 , 378 , 609 / . as against 109 , 059 , 088 / . to the end of September , 1857 . On the nine months this is an average decline of about 1 , 500 , 000 / . per month . In the month of September itself , however , the value of the imports was 12 , 276 , 64 ) 8 / . as against 12 , 076 , 215 / . It was therefore in excess in September , 1858 . This confirms the statement wo

      Untitled Article

      On Tuesday a meeting of the shareholders in the Midland Railway Company who are not ] interested in the tittle North-Western Company , was held at Leeds to consider the proposed 'lease of the line to the latter . It was resolved not to lease the -tattle North-Western Railway , but continue to work the line for the next seven years , in accordance with the agreement in 1852 . Ah agreement has been signed by the London and North-Western and the Great Western Railway Companies respectively , -which will have the effect of placing as large a sum as 80 , 000 / . at the disposal of the latter company on the 1 st of January next . The joint occupancy by these two companies of the

      high level railway station at Wolyerhanipton will then cease . The Great Western will hand over to the London and North-Western Company a goods shed , with its appliances , erected near the passenger station , by the use of which the latter company will , after erecting an iron girder bridge , and making extensive additions and alterations , be able to carry on their goods and their passenger traffic almost upon the same spot , instead of the two departments being conducted apart ; and the Great Western Com panyj by extending their goods station at the Victoria Basin , will be able to concentrate at that point the energies divided between three goods stations at "Wolverhampton .

      It is understood that , in a short time , subscriptions will be invited for the construction of the railway from Lisbon to Oporto , the concession of which has been obtained by Sir Morton Peto . The capital will bo about 3 , 5 QQ , O 0 O / ., and it is said the Portuguese Government guarantees a minimum dividend of 6 per cent . At an extraordinary general meeting of the shareholders in the Calcutta and South-Eastern Railway , held on Wednesday , resolutions were passed reducing the capital to 250 , 000 / ., being the amount on which interest at 5 per cent , is to be guaranteed by the Government of India . It was stated that the sharer holders who have paid their calls will have a preference in the redistribution of the shares , and that the unregistered scripholders will be only dealt with as a matter of grace . An extraordinary general meeting of the Scottish

      North-Eastern Company was held on Thursday , to consider an agreement proposed to be entered into for the perpetual leasing of the Dundee and Arbroath Railway . A resolution to that effect having been put by the chairman , and lost , he said another meeting would be held , and the opinion of the whole body of shareholders in the company would bo taken . Tho directors were unanimously in favour of the measure . A vote of thanks was passed to xWr . Uceth , the secretary , for his long services , and » testimonial of 250 / . was presented to him on the occaBloa of leaving the service of tho company . A-prospectus for tho extension of tho East Somerset line to Wells has just been iflsued . The additional line is only nbouj ; flve miles in length , and would b « the means of affording direct communication between the Important towns of Promo , Shepton MalletOlastonburyBrldgewnter , Tauntoo , &o .

      Untitled Article

      New Express Despatch Steamers fob the ( tAlwat Link . —The directors of this company intimate that they are so satisfied with the present state of affairs tbat they have completed a contract with , the eminent iron steam shipbuilders , Messrs . Palmer Brothers and Co ., of Newcastle-on-Tyne , for the immediate construction of three new express despatch steamers . Messrs . Palmer and Co . have contracted tbat these vessels shall exceed ic speed any ocean steamers that have yet been launched . They have guaranteed o minimum speed of twenty statute miles an hour . While

      they will thus be considerably faster than the fastest despatch steamer at present running , they are also guaranteed to require less than half the coal . They are to carry 200 first-class saloon passengers , and 300 second-class . The plans , models , and specifications mil be submitted for Government inspection this week . The distance from Gal way to St . John ' s , Newfoundland , being 1661 miles , these vessels , at fourteen knotoan hour , will run from port to port within five days . An opportunity will then be afforded , through the > company * all of

      arrangements , of telegraphing from parts Europe to all parts of America within six days at a cost « twenty shillings for twenty words . Thus America > w I be reached hi a shorter time than hag ever yet been a couiplished , and the Galway line , pending the find success of the electric cable , will become tbe golden jt of intercourse between the- Old and the NewU jW . Information has arrived by the Tactic that ajtisfigj arrangements ore in progress whereby a moiljmbs . u ) will be secured from the United States Governmjnt lJ the negotiations of Lord Bury , one of the directors or

      the company . .. Colonial Timber—For certain purposes » n sjj building North American timber isas good asi fij ' besides being much cheaper . We have no idw P " annual cost of the wood , or what ^ "ffZV o but when wo flnd from the evidence **« " ^" ane . Commissioners that the wood supplied to tho Orjno department is little less than « 0 , O OOJ . ft 3 « J , waggons , carts , &c , we may estimate tbe Acinu jr contracts at about 1 , 000 , 000 / . Now , th w ¦ J ™ tpmt in Canada and Now pwnjinok tjjiy ^ enormous employment to our . lumberers , who ^ much of our manufactures , instead < J « 5 ^ Prussia , Russia , or other foreign ^ "J " b ^ awl . » little from us . Our shipping would bo a » ben ^ Some idea of the v « stness of the tinJor l « w » J & Ottawa and Trent may bo had from tho quantuy ^ for shipment last spring i—Ottawa , JjJ } 5 J ofdliw » feet Of White pine i Trent , 1 , 805 , 000 cubic ftet o ^ / ^; qok nnn « .. i , !« font of rod pmO i O 0 » , vv , | M

      ffS ^ SrSd ICWOO - cubic feet ojT <* £ & £ * largo quantities of thcao ^^ ds from o Her a & Oartada West and East , with black wainjj rC ( l From New Brunswick the shipments aren 0 « " £ , zcJ n ni » SmOanada . When tho wood I- " ¦** „ % that used by our private ship bui dors , « »? PjJ oUr menthere is scarcely any used In the construction of-war . — Dublin Evening Mail ,

      Untitled Article

      1296 THE JjEADEB . [ No . 453 , November 27 . isaa

      Untitled Article

      RAILWAY INTELLIGENGE .

      Untitled Article

      just issued of this company describes thP ¦ - thus far to have been satisfactory . Sufficient ^ ' 89 is obtainable , and the necessary lands Wv ° secured at small cost . The exriensp nf * v , i- 7 * ° bo 230 , 000 ? . and it is ho ^ d tt CSmlSlUT ^ commence traffic in the spring of I 860 . as to Sooth Yorkshire Railway Compact- n Robert Dymond , chairman of the company S S " denly expired on Monday . Dr . D ymond haV E " connected with the South Yorkshire Railwav £ '" its commencement . He was for several yS Sf chairman of the company , and on the death nf vl late Earl Fitzwilliam , he was apr ^ nieS ^ J The present vice-chairman is Mr . G . H . 5 ' M . P ., who is also ^ deputy-chairman of the fi Northern Railway Company . eai

      Movement in the Eastern Coxikties ti « East Suffolk Company will apply for J ££ ffatt ensuing session to construct an extension to AM borough . The proposed line is to commence at Leiston , and , if carried out , will there form a junction Wi w \ lf W " u u" branch ' Spalding and Holbeach line , which has been a very lone timt on hand , has been at last opened for traffic . French Railways . —It is said that the directors of the various French railway companies have held a conference , ajt which it was resolved to establish a uniformity in their fares . Sardinian Railways . —The merchants of Genoa are now regarding with favour two railway projects - ^ one being for a line along the coast , the other the

      , , Danuhb and Black . Sea . Raxlwat . <—A report

      Luck-mamer . It appears to have been Tesolved that the latter shall be a mixed system of rail and ordinary high roads . Mr . Brassey has placed himself at the head of the undertaking , and is endeavourin « to gain over to the cause the chief shareholders of the Swiss Central Railway . Unfortunately for him , however , Rothschild and Fould are both of them extensively mixed up with the Swiss line , and their interest lies in another direction , so that they favour the French route between Marseilles and Paris .

  • Citation
    • Leader (1850-1860), Nov. 27, 1858, page 1296, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2270/page/24/