Directory_and_Chronicle_1842 — Page 369

1812.

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Last Ten Years, from 1832 to 1841.

351

It will disquiet her majesty's government and the British commercial com- munity connected with this country, to learn that the new assessments for the adjustment of these claims, will burden the foreign commerce with additional charges, probably not at all understated at a million of dollars per annum. As yet, however, the whole extent of taxation on this vast trade is comparatively considered moderate; but this practice of leaving the recurring claims of foreign creditors to be inet by reiterated and disproportionate duties (rated solely by the native debtors) on all the principal articles of the legal trade, both outwards and in, certainly demands the serious attention of her majesty's government.

"An open trade upon our side with such an association as the co-hong on the other, must always be a very unfortunate state of things to ourselves. But at all events, even so long as that mischief subsists, I believe that the interests of this trade would be protected by the concession of what it is only a delusion, to call, the guaranty of this government for the payment of the hong debts. In its practical application, that form of words is nothing else than a device for sad- dling the foreign commerce with all the heavy consequences of most imprudent trading on both sides, with all the losses occasioned by incapacity or extrava- gance upon the part of the hong-merchants; and if I may be pardoned for using the significant jargon of the place, with all the "squeezes" which the local go- vernment can upon any pretext fasten upon the co-hong. The consoo fund in fact is the fountain from which the multifarious channels of drain on the foreign trade are directly supplied. And yet with the late assistance there can be no doubt that it will leave a handsome annual surplus to be divided amongst the hong-merchants after every foreign claim. every payment to the government. just or unjust, and every expense of their respective trading establishments, are fully met.

"The mode of remedy which has suggested itself to me, is a direct application to the court on the part of her majesty's government. I would submit that the altered state of circumstances on our side should be plainly explained, and that a request should be made for the very considerable extension of the number of persons licensed to trade with us: her majesty's government upon its part con- senting to give up all direct claim upon the Chinese government for the future payment of foreign debts on a single condition, namely, that special orders should be issued by the emperor to the authorities at Canton to apprehend and punish any native debtors who attempted to defraud their foreign creditors. A change. of this nature would immediately induce a cautious adherence to safe principles of trade on both sides; and hence that confidence arising from attentive observa- tion of each other's means and prudence, which has been found to be the best support of commercial stability in all parts of the world. It may be possible in- deed that some few cases of successful fraud might happen, but I perceive no reason to believe that they would be more easy or frequent on the side of the Chinese, than our own.

"Indeed, the more natural and healthy consequence would be to adjust the trade on their side into those convenient proportions, limited by men's interested, and therefore acute judgment, of the extent to which it would be prudent or profitable to do business with each other. The establishment of some simple but efficacious civil jurisdiction would no doubt be a necessary accompaniment of this change of system, and your lordship may. I think, rely that the Chinese would readily refer all contested points with her majesty's subjects to this tribu.

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