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THE HONGKONG GOVERNMENT GAZETTE, 24ти DECEMBER, 1864.
Effects of the Free Trade Policy recently inaugurated in England, as indicated by its Practical Results.
(Originally published in the Moniteur of July 23, 1855, and now continued to the latest period.)
The official value, which amounted in 1842 to 65,200,0007, had increased in 1858 to 138,100,000%, or more than double.
The real value of exports increased in the same time from 47,300,0007. to 116,609,000%., or two and a-half times as much.
The tonnage of British shipping that entered and cleared with cargoes in 1842 was 5,415,821 tons. In 1858 it was 11,114,830 tons.
The tonnage of foreign shipping increased from 1,030,983 to 7,045,031 tons.
The total tonnage therefore increased froin 7,546,804 to 18,750,001 tons, or more than two and a-half times as much.
The revenue from these sources amounted in 1842 to 83,542,7017. Between that date and 1858 taxes of Customs and Excise were repealed or reinced to the extent of no less than 11,100,000%, not (ie., in excess of similar taxes imposed.) If, therefore, there had been no increase from other articles, the revenue in question would only have amounted in 1858 to £2,400,000%, whereas it actually produced as much as 40,087,7037., or upwards of 6,500,000% more than in 1844, notwithstanding the above enormous reductions.
The National Debt, which amounted in 1842 to 791,250,4407, decreased continually till 1853, when it only amounted to 771,335,8017. In consequence of the Husian war it had increased again to 808,000,0007. in 1856, but once more diminished to the extent of 3,500,000% by 1858.
1.
Imports.
2.
467
Exports. (British.)
3.
Shipping.
4. Customs and Excise
Revenue.
5. National Debt.
0. In State of the National
Finances.
In 1842 the expenditure exceeded the income by 3,979,5397. In the eleven years between that date and the Russian war, there were only two years when the expenditure was greater than the income. the other nine, the surplus of income was on the average between 2,000,0007, and 8,000,0007, a-xeur. The Russian war caused a deficiency for three years, in one of which (1855) it was as great as 21,140,0007. In 1853 the income again exceeded the expenditure by 1,197,6577,
The expenditure in 1858 was 9,789,7907. greater than in 1842, but the income was 14,846,9257. greater.
The tonnage of ships built in 1842 was 120,929 tous, of which 13,716 tons were steamers. In 1858 there were built 208,080 tons, of which 58,150 tons were steamers.
The deposits in the Bank of England at the end of 1842 amounted to 9,003,0007; at the end of 1858 to 20,490,000l., or much more than double. Its assets increased, in the same time, from 30,800,000l. to 45,083,0001.
Effects on the Social Condition of the People.
The capital of Savings Banks in 1842 was 25,319,3367; in 1858, 30,193,4007, an increase of nearly one-half. This is a conclusive proof of the iueremsed prosperity of the working classes since the introduc- tion of Free Trade.
In the year 1810 (ending March 1813) with an sin..and perulation of 18,106,000, the amount expended in England and Wales for the relic of the poor van 5,28,0274, beligg at th• nam of 6s. 54d. per head. Tu the year 1858, with a propolution et 19,976,000, the ummat expended was 0,008,0897, or 5x. 8.}. per head. Had the poor-mates increased in proportion to the population, "Shey would have amounted, in the latter year, to 6,250,0007.
The number of committals for trial in England and Wales in 1912 amounted to 81,800.
In 1858, notwithstanding an increase to the population of 3,100,000), the commituds Lad fillen off to 17,855. the former year, 13 persons out of every 100,000 wore thræobre grove olen lees against the law; in the latter, only 91, or less than half. It should be stated, however, that a portion of this most satisfactory diminution in the number of committals is owing to the Criminal Justice Act of 1853, which authorizes Magistrates to convict summarily in certain cases, with the consent of the prisoner,-and to the Juvenile Offenders Act.
Ejects on Producers.
The quantities of home-grown wheat returned as soll in our markets in 1812, were 4,091,235 quarters, and in 1858, 5,203,948 quarters, exhibiting an increased demand for English corn under Fred Trade to the extent of more than 1,000,000 quarters. The average price in the former year was 378. 34. per quarter: in the latter, 44s. 27. That farmers can get as high a price under Free Trade while the condry is prot- perons, as under Protection while it is badly off, is shown by the fact that the average price in two recent years (1854 and 1855) was 724. öd, and 748. 8d. per quarter, or considerably higher than the average for any year since 1819.
The duty on foreign silk manufactures, which formerly amounted to 30 per cent, has been reduced to 15 per cent. The exports of British manufactured silks, which amounted, in 1842, to 580,1807. increased, in 1858, to 2,096,3007, and in 1850 and 1857 were as much as 2,000,0007. Until 1826 foreign silks were entirely prohibited; but although the British manufacturer had a complete monopoly of the home market, the trade was fur from being prosperous, the exports only averaging about 350,000%, per annum.
In 1842 foreign wool was subject to a duty of from 4d. to Id. per b., while Colonial wool was admitted In that year 18,488,71918. of Colommal, and 27,394,0201s. of foreign wool, were imported.
duty free.
7.
Ship-building.
8. Bank of England.
9. Savings Banks.
1. Paupastism.
11.
Crime.
(n.) Wheat.
(b)
Sik.
(2)
Wool.