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    CO M M E R C I A L.

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    SHIPOWNERS » COMPLAINTS . There was a great gathering of shipowners on Wednesday . They had sent round the fiery cross , passed their little pattie cakes from hand to hand , and collected all their might to strike a great and sudden blow at the dominant principle of the age . They were in covert mutiny against Free-trade . If we nad the pen of Homer or Walter Scott , we should sing of the great chief from the city , the gigantic Dunbar , who boldl y put forward his Australian scouts , and kept his heavy transports in reserve , and was the worthily-elected king of the shipmen ; we should sing-of attendant members of Parliament who came to share the honour and the spoil , of the hero from Iimehouse , the Ulysses of the host , cunning in council and bold in speech ; but not being either Homer or Scott , we must refer our readers to the morning journals of Thursday , in which a full list will be found of all who came from Bristol and Brixham , from Whitby and Yarmouth , to do battle for Protection . Men from Cork were there , and men from Montrose ; every part of the kingdom was represented in this new Parliament of the Master Mariners . We would feign record all their feats , but must humbly content ourselves by stating the impelling motive for their exertions and the objects to be obtained by them . mi ¦ \ ¦ " J 1 " j Tl I j in distress

    me smpowners are great , . creiguts are uncommonly low . In Calcutta , in Singapore , in Bio Janeiro , in Melbourne , in London , American , French , Swedish , and Danish ships are seeking freight , all offering to carry goods . In all the harbours of the world ships of all nations are competing for freights , and freights are accordingly very low . ' The plain fact is that there are more ships to carry goods than goods to be carried . Shipping is over abundant , and its value , like all other things created by industry not properly adjusted to the demand for them , has fallen very considerably . This is the great , the undeniable fact , this impels the shipowners to come forward and utteT their complaints ; and to alter this fact is the great object of their exertions . They propose to effect it by memorialising the Queen to carry out what is called the reciprocity clause of the present Navigation Act . Though the Parliament abolished the old navigation laws in 1849 , it then inflicted another navigation law on the shipping ; and though it further abolished the navigation law , as far as it related to the coasting trade , in 1854 , it still left hanging on the shipping a remnant of the old restrictions . By the Act 16 and 17 Victoria , cap . 107 , it was enacted that her Majesty , if British vessels are subject in any foreign country to any prohibitions or restrictions , by order in council , may impose such prohibitions or restrictions upon the ships of such foreign country , so as to place the ships of such country on as nearly as possible the same footing in British ports as that on which British ships arc placed in the ports of such country . Thus the Parliament , in repealing the old navigation laws because they were proved to be very injurious to our shipping and our trade , incorporated into the new law the princi p le that restriction uuiuunaeu uci

    s are Denuuyim , unu iTj . ujcai . j to inflict them if she thought fit . " Her Majesty" is only another name iu this clause for her Ministers , and her Ministers being now old restrictionists who , it is supposed , would gladly rcimpose restrictions if they had an opportunity , the shipowners appeal to them to give effect to this clause . They represent it as carrying out the law so that the result of this improper clause is to place the liberty of employing the most efficient carrier for goods at the mercy of the restrictionist enemies of the people . The shipowners ask to have the merchants prevented from employing foreign ships under certain circumstances , because English ships in some foreign countries must not be employed . How imposing restrictions on foreigners would suppl y more goods to be carripd by our own shipping is not explained . Envy or jealousy of foreign shipowners , which is loudly disclaimed , might be gratified by such a proceeding . The old malevolent feelings of conflicting politicians and conflicting traders might be revived and strengthened , but it could only continue the depression of trade ; and by lessening the merchants' profit diminish the quantity of goods to be carried .

    Regretting deepl y the depression of the shipping interest , we sincerely desire to see it raised ; but no restrictions can serve this end . In one sense , the abolition of the navigation laws has contributed to bring about this excess of shipping . By opening a monopoly , the advantages of which were much overrated , it gave a great stimulus to ship-building everywhere . It undoubtedly increased competition , and competition led to many improvements . The art of ship-building and navigation have been more improved within the last ten years than in all the previous part of the century . All nations have partaken of the improvement . Ships make their voyages with much greater velocity and safety than formerly . * The first impulse of competition and improved ship-building came in conjunction with a vast extension of our corn trade , and of every other kind of trade , the consequence of getting rid of restrictions . Coeval , too , with the introduction of competition in shipping were the gold discoveries , and from IS 50 to 1 S 57 the goods to be carried were equal to the ships to carry them . Freight rose as high then for good swift-sailing and steamiug ships as it has now sunk . Wlien the Crimean war came , our shipping , improved and magnificent as it was , was inadequate to do all the work required of it . Foreigners were then gladly admitted to share its labours . Foreign ships were engaged as transports , a service usually reserved for our own vessels , and till the close of 1857 all complaints against the abolition of the navigation laws were hushed . The competitiou introduced had only sufficed to promote necessary improvement and increase very much the amount of shipping . m < ^ ** .. l T ^ . 1 TTfc ' ' . 1 II the t rrussiaus

    kept pace with the progress of shipping . TJle « , p important businesses of society are out % i aE ment , and they can only be adjusted bygettinS of the fiscal and other regulations which impede tho progress of agriculture manufacture , aJ trade Society cannot possibl y follow two rules adverse to one another , or be guided by two principles TV restoration of protection and monopoly now that observing nations have learnt by experience the advantages of freedom , is impossible , and there is no alternative but to follow out , iu contradiction to the shipowners' prayer , the great principle of Derfect freedom . . *

    . * The Swedes , JUanes , ne , ana an the seafaring nations increased the number of their vessels . They were needed . Our own shipowners were not behindhand in the race . In the seven years ended with 1857 they built and added to our shipping no less than 1 , 535 , 491 tons , exclusive of the foreign shipping they bought , which last year amounted to no less than 20 , 432 tons . So that in 1 S 57 alone they added 27 u \ 902 tons to our already enormous carrying power . The great increase , then , in the quantity of shipping , and the great improvements in navigation , are the causes of the present great redundancy of shipping in reference to the business the shipping has to do . To place restrictions on some shipping would not lessen the discrepancy . Only time can restore the want of adjustment between the number of ships and the quantities of goods to be carried , which is the real evil suffered by the shipowners . We admit that the shipowners are justified in complaining- of foreign Governments . It is perfectly clear that the abolition of commercial restrictions and of navigation laws has conferred vast benefits on many foreign nations , and there can be no doubt that they would benefit themselves and us were they to abolish restrictions . This is the shipowners' opinion . They propose to stimulate foreign Governments to imitate us by subjecting them to a gentle coercion . But we cannot do this without giving up our own principle of freedom , and informing the world by our practice that we have found it injurious , and arc obliged again to have recourse to the principle of restriction . This would be positively false . We have not found free trade injurious and restriction advantageous . Such a step we cannot take without damaging our reputation abroad ; and without impeding the advance to freedom there which the shipowners desire . In their interest , therefore , and in accordance with their opinions , we must stato positively that the measure they propose as a remedy for low freights and redundancy of shipping would end by incrcasinor their sufferings .

    We pointed out lost week that the shipping interest everywhere is in a state of depression 5 and one fact whioh was stated very emphatically at t he meeting , and over and over again , is that the shipping of all uations is everywhere in competition . Improvements in navigation and mcroase of nlun * . ? ing are common to all the nations of the oarth . ! heae Governments Imvo fostered , and tjieae they have scarcely any direct power to control . They have flourished , therefore , whilo the cultivation of the soil , the manufacture of raw materials , and the interchange of commodities , hampered in every state by fiscal and other regulations , have not

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    GENERAL TRADE REPOBT .

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    London , Friday Evening . Tub alterations in the markets in the course of the week have been very trifling . Business is remarkably steady and quiet . In Mark-lane and Mindnglane , and in the markets throughout the country , though the business for consumption lias been large the changes have been small . Only corn , which the damp weather lias put out of condition , lias again declined in price- Some whisperings against the low prices are heard in some quarters , but for any kind of price there can be no guarantee , and if the supply of corn , iike the supply of shipping , be more abundant than the demand for it , the price must fail . How long merchants and others will be in learning the important fact that products pay for products we cannot say , but till they do learn it , and look more to the relative quantities of raw materials and manufactures than to the quantity of money , they will fail to adjust their business as it ought to be adjusted . It is , however , tlie fact , that as industry produces all wealth nearly as all wealth is periodically consumed and reproduced , it can only be the products of one species of industry which pay for the products of some other species ; and till every branch of industry be regulated by this rule we may expect an alternation of partial glut * and partial famines ,

    The near approach 6 f Christmas , ot course , nasns effect ou the markets and on trade . In the manufacturing districts there is a seasonable amount of business doing , and , on the whole , appearances for the future arc satisfactory . We believe the opinion is gaining ground tliat next spring will witness increased activity h » every department of trade . It is quite certain that the transactions which have taken place within the year have been , on the whole , connected with the legitimate requirements of home and foreign commerce . It is quite certain that tne amount of open speculation which was earned on in almost every department of trade has wholly disappeared , and that trade may now be described as in a thoroughly sound and wholesome condition , aw true , however , that the amount of trade , compares with preceding years , has been restricted and tlie profits small , but this state ot things has b » chiefly felt in the metropolis , and the solution of the circumstance ia very easy : the crisis of 1 m )« £ with the wholesale bankruptcies of rotten firms wnj on the principle of « lightly come lightly go , sg freely in what may be termed "' tlcl ^ of luxury , booM pictures , articles of wrtfi , &C had the na jnj effect 01 depriving these special branches of bu « ww of some of thdr best customers , ami wo cannot jon der now at hearing that the book troJjjJJS dealers in curiosities , and furniture ™™**™ & complain of an unusually dull year . «^ ver , most likely that brighter day « aro bo ore us , " that with the vast influx of gold « n <| * ° ™ Sn » general commerce , wo shall hear " ° inore compw from nnv trade or calling whatever . .

    Manohkstkr .-A fair amout of ft ""*" ^!* transacted . The demand for goods ™ y" ™ "' ^ as active as last week and more KOnor " V »» V markets wear a firm tone . Domestics , l-cioy . continue in request . Yarns for the «»•* ^ g ^ ffo * to tiombay , Calcutta , and China , and fo rue r have been Jn active demand , They have sowi ** sivcly , and the price has advanced | U .,, an , wa wanted for immediate delivery , even n ore m & obtained . For the homo trade , we untie ™ good business has been transacted lailugi ° J n . In cloths the demand is unusually 1 * SJ '* ^ . nmi . y faofcurera are asking higher prices , but a rf m aro already under contracts untill tliei « d tftk 0 year , thoy \ lo not show any wiUingicsj toun ^ new obligations . The fabrics most /» f ^^ w . shirtings plain and figured , madapoUIninj , J 1 ( J and otfior cloths , mostly euitod to the «« tll 0 Chin * markets . In T-olotha a ifcJr flwnana levant trade exists , and sellers look " > r

    Co M M E R C I A L.

    CO M M E R C I A L .

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    1392 THE LEADER , [ No . 456 , December 18 Irkq

• Citation
  • Leader (1850-1860), Dec. 18, 1858, page 1392, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2273/page/24/