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C O M M ERG I A L.
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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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THE BEVENTTE 9 Ol 1858 . The revenue accounts for ] 85 S open up cheering prospects for the country . They are proofs of the cont inuance and increase of the national prosperity . On two or three occasions , in describing the progress of our trade , we have informed our readers of the fact that the customs revenue was increasing , and our inference from the . Board of Trade tables is now amply confirmed . In 1858 the customs revenue was 24 , 092 , 000 / . against 22 , 464 , 352 / . in 1 S 57—an increase ^ of no less than 1 , G 27 , G 4 S / ., though customs duties to the amount of 1 , 028 , 582 / . were ° abolished in 1 S 57 . So true it is that the
customs arithmetic differs from ail other arithmetic , and in it very often the result of addition is a less , and of subtraction a greater , sum . The excise follows the customs , but not at an equal pace . The revenue from it v . as , in IS 50 , iS , O 73 , 7 ' 78 / ., and in that year the war malt tax syas repealed , estimated to yield 2 , 200 , 000 / . Accordingly , the excise revenue declined in 1 S 57 to 17 , 472 , 000 / . In 1 S 5 S , however , ' it rose to
17 , 000 , 000 / ., or only 107 , 778 / . less than in 1 S 5 G , though 2 , 200 , 000 / . had been given up . This augmcntat-ioii of customs and excise , revenue consequent oii a reduction of taxation is a great encouragement for all financial reformers to insist on further reduction . It permits the expansion of industry and the -augmentai ion of national wealth to such' a degree that a smaller per-centagc oh the inci'eased mass yields a larger revenue .
The total revenue for 1 S 5 S is 0 G , 2 SG , 995 / , ; for 1 S 57 it was 70 , 390 , 342 / . ; but the decline is not half the amount of the sum of taxation reduced . In 1 S 57 , besides the reduction Of the customs duties mentioned , a , portion of the property and incometax , yielding 9 , 125 , 000 / ., was reduced . Some arrears of the tax might have Swollen the revenue of the present year , but as these arrears must have been collected chiefly in the past quarter , and the whole produce of the tax in that quarter was only 3 , 390 , 000 / ., while the total decline in the year was 1 , 000 , 000 / . less than the estimated decline , it is
pretty certain that the commercial convulsion has not on the whole very seriously diminished the tax-E ay ing incomes of the commercial classes . The cst test , however , of the increasing prosperity , of the people is , that the total revenue In JLS 5 S is only 4 , 103 , 347 / . less than in 1 S 57 ; while in 1 S 57 the amount of taxes reduced was no less than 10 , 753 , 582 / . This informs us very distinctly that the resources of the country have incrensed much beyond the calculations of our financiers . If suoh a progress has ensued in 1 S 5 S , when our commerce
has been convulsed , when the work in our factories was for a tune suspended , what may we not expect in 1 S 59 , when our trade is fully restored to health , and every branch of the national industry in full and profitable activity P As our supplies . of raw mate rials are large , as food is abundant , and population everywhere increasing , urging forward increased production and increased consumption , we anticiputo augmented trade and great additional revenue . We trust in tho continuanoc of pcaeo , and cannot bclicvo that the old wars of Europe for the advantages or whims of nionarchs will be now revived .
Wo must not , however , fall into the error of supposing that tho increase of tho revenuo is an index to some merit in tho Govornmont . Tho Derby Ministry lms had no more to do with tho success of trade , with tho increasing moans and increasing consumption of tho increasing population , than it had with tho commercial convulsion . Freely exonerating Government from all blame for
that , wo must as frooly assort that it can olajm no merit for our present , nor will it havo any merit for futurp , prosnority . At tho vory . best it only permits , by tho , abolition of restrictions and taxation , froo play to individual onorgios , and has no positive and activo power to inoroaso or direct thorn , or auginont their nroduoo . Tho rovonuo voturns amply confirm all that wo have told our reactors of tho groat commoroial convulsion being a inoi'o ndjustmoiit of accounts botwoon speculative
debtors and creditors and dealers , and that it had left all the real sources of our national wealth uninjured . They amply confirm the most sanguine expectations of the advocates of free trade , and demonstrate that as restrictions are abolished not only does trade enlarge , but it becomes regular and less liable to injurious vacillations . _ When free , it can bear the diseases with which ignorance arid peculation inoculate it , and has strength to cast them out and flourish by its own vigour . Only when enfeebled by legislative bondage does
trade perish from such trifling disorders . So manifest are now the advantages of freedom that we are every day more and more surprised at the acquiescence of mankind in the continuance of restrictions . Were a tithe of the advantages of freedom supposed to belong to some belief in the Unknown , we should have crowds of missionaries eager to preach it to all nations . But it concerns only the welfare of man on the earth , which can be achieved by each individual for himself—which he is already too much disposed to attend to—and the sreat social benefits of the exertions of individuals
in freedom are more eagerly denied , and the knowledge of them obscured or hidden , than proclaimed . The senses and the intellect cannot , however , be chained , and their operation will infallibly make the advantages of freedom , as demonstrated by our success , known to all , and , in due time , secure its supremacy .
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- London , Friday Evening . The holiday festivities have not yet wholly disappeared from the manufacturing district * , but the active course of business in several branches of manufacture has not been interfered with perceptibly , as the wholesale houses are too full of orders , and too desirous of getting them completed , to allow of any prolonged delay through the operation of Christinas holidays . Our last notice of the condition of trade stated that the prospects for the present year open well . - A review of the transactions of the year just closed , and a careful consideration of the existing state of business in the centres of our manufactures , confirm the opinion we * have already expressed , that , provided no
unforeseen event , no foreign wars or complications come upon the surface , we arc pretty sure to have a good year , and a year of augmented profits . We are not only busy just now in various directions , but the wholesale houses , manufacturers , and operatives in most of the leading trades are getting higher prices , and it may therefore be fairly assumed higher profits . The activity which has prevailed has led here and there to demands on tho part of workmen which their employers have hesitated to grant . Strikes and threats of strikes have ensued , but , as far as our inquiries extend , we have reason to believe that matters havo been accommodated , and that employers and employed go on comfortably together .
Livkkpool . —There has been a quiet but steady market for cotton . The sales havo not boon large , but they havo been quite equal to what may bo expected at this period of tho year . Manchustek . —Tho activity which manifested Usolf during tho last month has experienced no abatement . The buoyancy which was so prominent last week and tho preceding week , has not diminished in tho least , and tho tendency of prices is still upwards . Yarns for India and China havo again boon in activo demand , and the consequence is , that priced havo advanced id . to gd . per lb . Cop and reel yarns for manufacturers aro Ad . to id . higher . Tho demand is not confined to yarns , it is equally brisk in all tho markets , and tho greatest difficulty is felt by buyora in getting tho spinners to tako
more orders . Iho spinners arc already fully engaged for tho next month at least , and they , therefore , will not roadily tako moro ordors , excopt at a further advance , which is not aa yet conceded . Cloths arc in activo request , and at tho highest rates asked during tho last week . A good many orders aro still issued , although it is impossible to guarantee an oarly supply of goods . Of course wo rofer to oloths for India 5 tho homo trade , though good , is not quito so octivo . Tho demand for other foreign marjtota , haa boon very fair , and still continues $ o ; but it cannot bo doubted that tho Indian orders havo carried off nearly throo « fourtha of tho gooda that have boon produced . To show tho prossuro on tho spinners , wo need only rofor to the fact that , although tho orders unexecuted were larger than known foxsotho considerable period , and woro bolng continually Added to . tho
exports wereless in amountin December than inNoyember The truth is , the demand was greater than the supply , and the goods required for the India and China markets could not be procured . E ^ en for this month it is expected that the supplies will fall very far short of what is required . To show the rise in prices that has occurred during the last month , we give the following extract from Messrs . Fraser's Trade Circular : —•* l £ d . per piece in 7-8 tha printers , 3 d . in India qualities of madapollams , and 3 d . per piece in Brazil qualities , 2 d , to 3 d . in 9-8 ths printers , 3 d . to 4 jd ; per piece in 9-8 ths shirtings , 6 d . per piece in India shirtings up to 7 lb ., and lid . to 9 d . per piece in 8 to 84 lb . shirtings , 4 ^ d . per piece in 38 in ., and 3 d . per piece in 39 in . figured shirtings , 2 d . to 3 d . per piece in Indian jacconets , lad . to 3 d . per piece in T-cloths and long-cloths ^ and about 1-lGd . ( and in some cases id . ) per yard in domestics .
Yarns are also dearer by id . to $ d . per lb ., the shirtings suitable for India commanding a preferential sale over all others , as by the latest accounts they still show a very large profit upon our current prices . The stocks of these are light , and favourite kinds of them are preengaged into February , and some of them into March . There has been a good demand for prints , from the leading foreign markets ; and owing to the dearness of cloth , prices have advanced 3 d . per piece * All our print works appear to be well engaged / ' As far , then , as bur export trade to India , China , and the Continent is concerned , it may-be considered as extremely good . The only drawback is , that fears are entertained that the markets will be over supplied , and that then we shall have a reaction in prices and a cessation in demand , which will partially neutralise the good that tias been effected .
Nottingham .-1—We wish we could report that more activity was visible in the lace trade * The market still continues extremely quiet , but makers are looking forrward with confidence to a reaction as the spring advances . There has been more doing in Mechlins and plain nets , and some little business has been done in fancy goods , but buyers have made purchases very sparingly . The hosiery trade still continues animated . The manufactories are full of orders , which it is expected will keep them fully employed for weeks to come . The
prospects of business appear to be very cheering . Business is not only brisk in Nottingham as far as the hosiery trade is concerned , but in the surrounding districts also . Leicester . —The hosiery trade is likely to continue brisk for some time longer . In all seasonable branches a very good business is doing , and it would , not create surprise were this activity to be shortly augmented . At Loughborough , Hinckley , and other hosiery districts , the same satisfactory state of business prevails . Good workmen are employed at good wages ; and yarns and wools are moving upwards in price .
Biumixguam . —The makers are not very busy , but there is a very fair business doing generally . In the iron districts a good deal of' activity prevails . The Welsh iron masters are mostly well supplied with foreign orders . The Coal Mines are in active work . Some minors still stand out , but the majority of malcontents have given up futile opposition . Woollen Tuape . — -The reports from Leeds , ¦ Huddersfield , Bradford , and Rochdale , concur in stating that
tho year opens With a brisk trade in the local wool market . Fine qualities of wool obtain higher prices , and stocks ave generally low . Worsted yarns for homo trade in good demand , and for desirable goods a fair demand exists . Foreign orders are rather scarco , because exporters are holding back . Buyers appear to be looking after job lots , but sellers aro firm , and refuse to sell except on good terms . Black doeskin and fancy trouserings for the spring find ready sales , and at advanced prices . Canadian buyers are in tho markets looking after vestings . Stocks generally are very low .
The Silk Tuaok . — "Tho past year has been generally satisfactory to all concerned iu the silk trade ; it opened under rather gloomy auspices (( ho losses of tho previous year being severely felt ) , but confidence was soon restored , and the modorate rates which ruled induced a very activo demand , causing prices to advance during January fully Ss . per lb . Tho market subsequently became depressed , and it was found that a lower scale of prices was necessary to onnblo tho trade to work up to advantage the largo stocks then in existence . In September and the oarly part of October continued accounts of short
exports from China produced a considerable rLsty and No . 8 Tsatleo ( now silk ) reached 31 s ' . Od . por lb ., when a pauao took place . Tho subsequent advices of largo settlenionta iu China caused a rapid reaction ., ami >> i a 1 ' ow wooks prlcos had rocodod somo- 'Ja . por lb ., since which wo hayo had an active demand , and latterly have again advanced to within a fraction of the highest quotations of Ootobor . Tho year closes with a stock about onethird of that existing on tho 1 st January , 1806 , and good silk almost exhausted j it is , however , satisfactory to know that nnmie uninit" * nr * pi ^ on nt r"vl .
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No . 459 , Jakttaby 8 , lS 59 v | T H E X E A P E B . 57
C O M M Erg I A L.
C O M M ERG I A L .
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GENERAL TRADE REPORT
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Citation
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Leader (1850-1860), Jan. 8, 1859, page 57, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2276/page/25/
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